Location: Koochiching County, MN | Metro: Koochiching County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 56660 for Section 8 purposes, follow this decision tree:
Step 1: Clearing Debt Service
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $990. For a landlord considering a property in ZIP 56660, the first question is whether this amount can cover the debt service on the property. With the provided data indicating the average property value as N/A, we cannot definitively calculate the debt service. Therefore, the answer to this step is it depends. Landlords must assess their individual property costs and financing terms to determine if $990 per month is sufficient.
Step 2: Market Rent Comparison
The next consideration is how the market rent compares to the FMR. In ZIP 56660, the market rent is listed as N/A, which means there isn't enough data to make a direct comparison to the FMR of $990. The answer here is also it depends. Without specific market rent figures, it's unclear if properties in this ZIP code are priced above, at, or below the FMR threshold.
Step 3: Demand Assessment
The third step involves evaluating the rental demand. In ZIP 56660, 2.1% of residents are renters, and the Days on Market (DOM) is N/A. To gauge if there's enough demand, landlords need to consider these factors:
The answer to this step is it depends. Landlords will need to research further into the local rental market dynamics to understand if the current demand supports a Section 8 investment.
In summary, for ZIP 56660, the decision to invest in Section 8 properties hinges on your ability to clear debt service with the $990 FMR, the alignment of market rents with this figure, and the strength of rental demand as indicated by the DOM. Due to missing specific data points, these decisions require additional analysis tailored to your particular investment scenario.
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.