Location: Koochiching County, MN | Metro: Koochiching County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The analysis of ZIP 56654, located in Koochiching County, MN, reveals several critical insights for landlords and small-portfolio investors.
The rent math does not work favorably here. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,060. However, the absence of specific market rent data indicates a lack of competitive benchmarking, which is crucial for setting realistic rental prices. Without this information, it's challenging to assess whether the FMR aligns with what tenants can afford in the local market.
Regarding property acquisition, the data is incomplete. The median home value is listed as N/A, along with the days on market (DOM) and the percentage of properties that have been subject to price reductions. This lack of detail makes it difficult to evaluate the affordability of acquiring new properties in the area. Investors should seek additional local real estate data to make informed decisions about purchasing properties.
Tenant demand is another concern. The population of ZIP 56654 stands at 109 individuals, with a strikingly low 0.0% renter share. This suggests that nearly all residents own their homes, indicating a minimal pool of potential renters. Such a small and predominantly owner-occupied community poses significant challenges for landlords seeking viable tenants.
In summary, ZIP 56654 presents unfavorable conditions for real-estate investment focused on rental income. The unavailability of key market data complicates the assessment of rent pricing and property acquisition costs. Moreover, the extremely low renter share among the small local population suggests limited tenant demand. These factors collectively point to a less attractive investment environment for those looking to enter the rental market in this area.
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.