Location: Lake of the Woods County, MN | Metro: Lake of the Woods County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 56711 stands out as a renter-heavy area with significant voucher demand. With 75.4% of the population renting their homes, it's clear that this region has a strong reliance on rental housing. The median household income is $33,852, which aligns closely with the eligibility requirements for Section 8 vouchers.
While specific market rent figures for ZIP 56711 are not provided, we can infer from the median income that typical rents would likely consume a substantial portion of local residents' earnings. For context, if we assume a median rent in line with the Fair Market Rent (FMR) of $1,120, this represents approximately 33% of the median household income. This is a significant expenditure but still within a range that allows for other essential living costs.
The FMR of $1,120 for the fiscal year 2026 indicates the maximum amount of rent assistance that a Section 8 voucher holder in this area can receive. This figure is reflective of the overall rental market conditions in the metropolitan area encompassing ZIP 56711. Given the high percentage of renters and the median income level, it's reasonable to expect a robust demand for units priced at or below the FMR.
A landlord operating in ZIP 56711 should anticipate a tenant pool that heavily relies on government-assisted housing. These tenants will be seeking affordable housing options and are likely to have a steady source of income through their employment or social security benefits, supplemented by their Section 8 vouchers. It's important for landlords to understand the administrative requirements of accepting Section 8 tenants, including regular inspections and compliance with HUD standards.
In summary, ZIP 56711 is an area with a high concentration of renters and a corresponding demand for Section 8 vouchers. The income levels suggest that tenants can afford market rents up to $1,120, which is a considerable expense relative to their income but manageable with voucher assistance. Landlords should prepare for a tenant base that requires stable, affordable housing solutions.
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.