Location: Richland County, ND | Metro: Richland County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The classification of ZIP code 58001 hinges on a careful analysis of yield and stability factors. Yield is measured by comparing the Fair Market Rent (FMR) to the market and home values. Stability is gauged through the percentage of renters, days on market (DOM), and median household income.
In terms of yield, the FMR for ZIP 58001 stands at $880 for fiscal year 2026, which is notably higher than the market rent of $525. This suggests a strong potential for rental income above market rates, indicating a high-yield market. The absence of a figure for home values implies that this area is predominantly rental-focused, further supporting the high-yield assessment.
Moving to stability, the data reveals that only 4.8% of residents are renters, which is quite low. However, the lack of data for days on market (DOM) makes it challenging to fully assess the turnover rate and thus the immediate stability of the rental market. The median household income of $64,844 provides a moderate level of financial stability among residents, suggesting that most can afford the rent but also hinting at a lower risk of default.
Given these metrics, ZIP 58001 leans towards being a high-yield market with moderate stability. The key figures driving this call are the significant gap between the FMR ($880) and the market rent ($525), and the median household income of $64,844, which supports the ability to pay higher rents. The low percentage of renters (4.8%) could indicate that the majority of properties are owner-occupied, potentially leading to less volatility in the rental market compared to areas with higher percentages of renters.
To summarize, while there is a high potential for yield due to favorable FMR conditions, the stability of the market is somewhat mixed. The moderate income levels provide a foundation for steady cash flow, but the low number of renters and missing DOM data leave some uncertainty about the overall stability. For landlords and small-portfolio investors, this could be an attractive opportunity for high returns, albeit with a need for careful management to ensure consistent occupancy and timely rent payments.
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.