Location: Koochiching County, MN | Metro: Duluth, MN-WI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
U.S. Census Bureau data (2024)
The ZIP code 56669, located within Koochiching County, MN, presents an interesting analysis for landlords and small-portfolio investors. With a Fair Market Rent (FMR) of $1020 for fiscal year 2024, it stands out when compared against other ZIP codes in the county. However, the lack of available market rent data for ZIP 56669 makes direct comparisons challenging, though it's reasonable to infer that the actual market rent might be close to the FMR.
The median home value in ZIP 56669 is $255,595. This figure is lower than what might be expected in a larger metropolitan area but could be considered competitive within the context of Koochiching County. The relatively low median home value suggests that this ZIP code may offer better affordability for potential renters, which can be advantageous for landlords aiming to attract tenants who are price-sensitive.
The renter share of 0.7% is notably low, indicating that the majority of residents in this area own their homes rather than renting. This characteristic diverges from what might be seen in a typical urban setting where rental properties are more common. A low renter share typically means fewer opportunities for landlords to manage rental properties, but it also implies a stable, owner-occupied community that could still present investment opportunities.
To determine if ZIP 56669 is a value pocket, mid-tier neighborhood, or a premium sub-market within its metro, we must consider the interplay between its FMR, home values, and renter share. Given the low renter share and the absence of market rent data, it's difficult to label this ZIP code as a premium sub-market. Instead, it appears more aligned with being a value pocket, especially considering the affordable median home value and the fact that it is likely part of a rural or semi-rural setting within Koochiching County.
Without specific comparative data for other ZIP codes in the county, it's important to note that high renter share with below-metro home values often signals a sweet spot for Section 8 investments. However, ZIP 56669's low renter share indicates that it doesn't fit this criterion. It's advisable to look into the broader economic conditions and tenant demand in Koochiching County to make informed decisions about investing in rental properties.
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.