Location: Itasca County, MN | Metro: Itasca County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The ZIP code 56688 has a population of 94, with 4.5% of residents being renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. The median household income stands at $71,250, which provides a basis for understanding the financial capacity of potential tenants.
Market rent figures are not provided for this ZIP code, making it challenging to determine exactly how much of the local income goes towards typical rent payments. However, we can use the Fair Market Rent (FMR) as a benchmark. For fiscal year 2026, the FMR for the metro area is set at $1,070. Given the median household income, if we assume a typical rent payment aligns closely with the FMR, then rent would consume approximately 15.1% of the average household's income. This percentage is calculated by dividing the FMR by the median household income and multiplying by 100.
A landlord in ZIP 56688 should expect a tenant pool that is relatively small due to the low percentage of renters. Tenants will likely rely on Section 8 vouchers to cover their rent, given the FMR and the need for affordable housing options. These tenants will have incomes below 50% of the area median income, which means they will be looking for housing that is significantly below the median rent price in the market.
The scarcity of voucher holders in this ZIP suggests that landlords might face competition from other properties that accept vouchers, especially if the number of rental units is limited. Landlords should prepare for tenants who are financially constrained but are still able to afford housing through government assistance programs.
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.