Location: Clearwater County, MN | Metro: Beltrami County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
U.S. Census Bureau data (2024)
The median income in ZIP code 56652 stands at $64,583, which provides a foundational understanding of the economic landscape for potential renters. However, the absence of market rate data (N/A) makes it challenging to directly assess how this income level aligns with local rental costs. Despite this limitation, we can draw insights by comparing the median income to the Fair Market Rent (FMR) standard set for voucher payments, which is $1,080 per month for the metro area in fiscal year 2026.
Given that only 4.1% of the 437 residents are renters, the demand for rental properties is relatively low. This means that landlords face a competitive environment where attracting tenants might be difficult. The affordability gap becomes evident when considering the limited number of renters and their median income against the FMR standard. A household earning the median income would likely find it challenging to afford market-rate rentals without assistance, indicating a strong preference among renters for subsidized housing options.
The low percentage of renters suggests that those who do rent are likely to prioritize affordable options. Thus, landlords should consider the benefits of accepting Section 8 vouchers. Vouchers ensure a steady stream of income, albeit at a fixed rate of $1,080 per month, which is still a significant portion of the median household income. While cash-paying tenants might offer higher rents, the scarcity of renters willing and able to pay market rates could make voucher acceptance a more reliable strategy for maintaining occupancy.
Takeaway: Landlords in ZIP code 56652 should recognize the value of accepting Section 8 vouchers. Given the limited rental market and the high likelihood that renters will seek affordable options, having a property that accepts vouchers increases the chances of securing a tenant. Although the fixed payment of $1,080 may seem lower compared to potential market rates, the stability it offers can outweigh the risks associated with vacancy in a competitive and sparse rental environment.
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.