Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56680 in fiscal year 2026 is set at $970. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program. It's important to note that this does not represent the total rent you will receive; rather, it's the maximum amount the government will pay on behalf of eligible tenants.
In ZIP 56680, the local market rent is currently N/A, which means there isn't enough data to provide a specific comparison. However, the 8.9% renter share indicates that nearly 9 out of every 100 residents are likely to be renters, suggesting a moderate demand for rental properties.
The acquisition cost for new Section 8 properties is also N/A, implying that there might be limited information available regarding the typical costs associated with bringing a property into the Section 8 program. This could mean higher administrative overheads or less established processes compared to areas with more data.
To participate in Section 8, your rental property must meet certain criteria, including being safe, decent, and sanitary. The government will inspect your property to ensure compliance with these standards. Before you decide to enroll your property, verify that the rent you charge does not exceed the FMR of $970, as this is the threshold for government assistance payments.
While the FMR gives you a benchmark for the government's contribution, you can still charge a higher rent if the tenant can afford the difference. The exact amount of the tenant's contribution depends on their income level, typically around 30% of their adjusted gross income.
Given the lack of detailed local market rent data, it's crucial to understand the broader housing landscape in ZIP 56680. Engage with local real estate agents or consult the U.S. Department of Housing and Urban Development (HUD) for more specific guidance on the rental market in your 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.