Location: Koochiching County, MN | Metro: Beltrami County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The market in ZIP code 56661 presents a dynamic equilibrium between supply and demand, leaning towards a scenario where supply slightly outpaces demand. This inference is drawn from the snapshot of the Fair Market Rent (FMR) set at $1,000 for fiscal year 2026, which is higher than the current market rent of $883 reported by the Census ACS. The discrepancy suggests that landlords and investors might be adjusting their expectations upwards, anticipating future increases in rental values.
The median home value of $189,876 indicates a relatively affordable market, attracting both potential homeowners and renters. However, the lack of data on price-cut share and days on market (DOM) makes it challenging to pinpoint the exact balance between supply and demand. Typically, a lower price-cut share and longer DOM would suggest a buyer's market, but without these specifics, the trend remains ambiguous.
A noteworthy aspect is the 10.5% renter share, which reflects a predominantly owner-occupied community. This figure implies that long-term housing pressure is likely to remain stable, as the majority of residents are homeowners rather than renters. In markets with higher renter shares, there is often greater volatility due to the transient nature of rental agreements, leading to fluctuations in housing demand.
In summary, ZIP 56661 appears to be a market where the balance is tipped slightly towards an excess of supply over demand, yet the overall stability suggested by the low renter share points to a consistent environment for both landlords and small-portfolio investors. The FMR setting above current market rents signals a cautious optimism for future growth, guiding landlords to maintain competitive pricing while positioning themselves for potential increases.
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.