Location: Red Lake County, MN | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
The ZIP code 56684 has a population of 280 residents, with only 1.9% being renters. This indicates that the area is predominantly homeowner-dominated rather than a renter-heavy zone. The low percentage of renters suggests that there will be limited demand for Section 8 vouchers in this community.
The median household income in this ZIP is $73,750, which is relatively high compared to the national average. However, without specific data on market rents, it's challenging to determine exactly how much of the local income goes towards rent. Nonetheless, given the low rental rate, it can be inferred that the typical rent is likely to be lower than what might be expected in areas with higher percentages of renters.
The Fair Market Rent (FMR) for ZIP 56684 is set at $910 for fiscal year 2024. Assuming that the typical rent aligns closely with the FMR, this would represent approximately 13.7% of the median household income if a resident were to use their entire income for housing. This figure is calculated based on the annualized FMR ($910 * 12 months = $10,920) divided by the median household income ($73,750).
A landlord in ZIP 56684 should expect tenants who are part of the Section 8 program to have an income that is typically lower than the median household income. These tenants will rely on government assistance to cover the majority of their rent, making the $910 FMR a critical benchmark for affordability. Given the homeowner-dominated nature of the area, competition for rental properties among voucher holders may be less intense, but landlords must still ensure that their rents do not exceed the FMR to qualify for the Section 8 program.
To summarize, ZIP 56684 is not a prime location for landlords looking to cater exclusively to a heavy tenant pool reliant on Section 8 vouchers. The scarcity of renters and the relatively high median income suggest that any Section 8 tenants will be a smaller portion of the overall rental market. Landlords should focus on setting competitive rents that align with the $910 FMR to attract and retain tenants who receive housing assistance.
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.