Section 8 Fair Market Rent (FMR) for ZIP 56738 - 2027

Location: Marshall County, MN | Metro: Marshall County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,290
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,228

Median Household Income

$71,250

Housing Units

608

Renter Percentage

13.9%

Occupancy Rate

86.2%

Renter Occupied

The ZIP code 56738 is located in a suburban setting that offers a blend of rural charm and urban convenience, making it attractive to both families and young professionals. The area is characterized by its affordable housing options and proximity to key amenities, which contributes to a steady demand for rental properties.

Fair Market Rent (FMR) for a 2-bedroom apartment in the metropolitan area for fiscal year 2026 is set at $980. This indicates a growing trend towards higher rental costs, reflecting the increasing desirability of the location.
The average market rent for a similar unit, according to Census ACS data, is $683. This discrepancy suggests potential for rental price increases, aligning with the FMR trend.
The median home value is not available for this specific ZIP code. However, the lack of data points to a niche market where rental properties might be more common than homeownership.
Renters make up 13.9% of the total population in this area. While this percentage is relatively low, it still represents a significant portion of the market that could be tapped into for rental opportunities.
The median household income in the area is $71,250. This figure provides insight into the financial stability of potential tenants, indicating a reliable income base for rental payments.
The days on market (DOM) for rental listings is not available. This missing metric could imply a swift leasing process or that the local real estate market does not typically report this statistic.

For landlords and small-portfolio investors, the ZIP code 56738 presents a balanced opportunity. With a growing trend in fair market rents and a stable median income, there is potential for rental income growth. The niche nature of the market, indicated by the unavailability of median home values and DOM, suggests a unique investment landscape where thorough local research can uncover hidden gems. The presence of a steady renter population, albeit at a lower percentage, ensures a consistent demand for well-managed rental properties. Investing in this area requires attention to detail in pricing and property management to capitalize on the emerging trends while serving a financially secure tenant base.

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.