Location: Mahnomen County, MN | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
U.S. Census Bureau data (2024)
The ZIP code 56651 is characterized by a relatively low number of renters, with only 7.3% of the population renting homes. This indicates that it is primarily a homeowner-dominated area rather than one with a heavy renter presence. The scarcity of renters suggests that the demand for Section 8 vouchers in this area is likely to be limited.
The median household income in ZIP 56651 stands at $80,750, which provides context for understanding the financial capacity of potential tenants. The market rent for the area is $1,208 per month, representing approximately 17.4% of the median household income. This percentage highlights that typical rent consumes a significant portion of the average income, making affordability a key consideration for prospective tenants.
Comparing the market rent to the Fair Market Rent (FMR) of $920, as determined by the Department of Housing and Urban Development for FY 2024, reveals that the actual market rent in ZIP 56651 is higher by about $288 per month. This discrepancy suggests that landlords may face challenges in attracting tenants who rely solely on Section 8 vouchers, as the vouchers might not cover the full cost of market rent in this area.
A landlord in ZIP 56651 should anticipate a tenant pool that includes individuals and families with lower incomes, who may require assistance through housing vouchers. However, due to the limited number of renters and the relatively high market rent compared to the median income, the competition for these tenants could be intense. Landlords will need to balance their rental pricing with the realities of the voucher amounts available to ensure they can attract and retain tenants.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.