Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58007 in fiscal year 2024 is set at $940. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used by the Housing Choice Voucher program to determine the maximum allowable rent.
In ZIP 58007, the FMR of $940 indicates that the demand for affordable housing is significant. With a renter share of 6.7%, this suggests that approximately 6.7% of the population relies on rental assistance programs, including Section 8. This high dependency on rental subsidies underscores the importance of providing affordable housing options in the area.
Despite the high demand, the acquisition cost for properties in this ZIP code is currently listed as N/A, which means there isn't specific data available on how much similar properties are selling for. However, the lack of detailed acquisition costs does not diminish the value of participating in the Section 8 program, given the consistent demand for affordable housing.
To participate effectively in the Section 8 program, ensure your property meets all the required standards for habitability and safety. The Housing Authority will conduct an inspection to confirm compliance with these regulations. Once your property passes the inspection, you can expect a steady stream of tenants who are committed to paying their portion of the rent, which is typically a percentage of their income.
Before finalizing your decision to become a Section 8 landlord, verify that your property's rent does not exceed the $940 FMR. This will help you avoid any issues with the Housing Authority and ensure that you can participate fully in the program without risking non-payment from the voucher program.
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.