Location: Lake of the Woods County, MN | Metro: Lake of the Woods County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
The ZIP code 56741, located in Lake of the Woods County, Minnesota, presents a unique profile due to limited data availability. The absence of specific resident counts, rental percentages, median income, and median home values underscores the need for a focused analysis based on the available voucher economics.
The Fair Market Rent (FMR) for ZIP 56741 has been set at $1,010 for the metro fiscal year 2026. This figure represents the benchmark for rental costs within the area, guiding landlords and small-portfolio investors on expected rent levels for properties participating in the Section 8 program. Without precise market rent data, it's critical to consider the FMR as a reliable indicator of rental rates for subsidized housing units.
The voucher economics in ZIP 56741 are straightforward: landlords can expect to receive the full FMR amount if their rents align with the established threshold. For instance, a property priced at $1,010 per month would be fully covered under the voucher system. This ensures that landlords maintain their cash flow while providing affordable housing options to eligible tenants. However, any rent above $1,010 could deter voucher holders, leading to potential vacancies.
Given the incomplete data signature, the situation in ZIP 56741 reads as transitional. The lack of detailed demographic and economic information suggests that the area may be undergoing changes that affect its housing market dynamics. Landlords and investors should remain vigilant and adapt to any emerging trends in the local real estate market.
Data Sources: FMR data from HUD (2027).
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.