Location: Beltrami County, MN | Metro: Beltrami County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The median income in ZIP code 56670 stands at $57,132, indicating that the average household faces significant challenges in affording the market rate rent of $518 per month. This figure represents the actual rental costs observed in the area according to the Census Bureau's American Community Survey (ACS).
In contrast, the Fair Market Rent (FMR) standard set by HUD for the fiscal year 2026 is $990. This discrepancy highlights a substantial affordability gap for local renters. The FMR is higher than the market rate, suggesting that many households may struggle to find affordable housing without assistance.
With 27.8% of the 1,477 residents being renters, the competition among landlords is likely to be fierce. The majority of these renters will have limited budgets, making it difficult for them to pay rents above the market rate, especially when considering the gap between their income and the FMR.
The takeaway for landlords is clear: accepting Section 8 vouchers can be a strategic advantage. While the voucher payment of $990 is higher than the current market rate, it ensures a steady and reliable source of income. Landlords who are willing to participate in the voucher program may attract tenants who would otherwise be priced out of the market, thereby reducing vacancy rates and stabilizing their cash flow.
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.