Section 8 Fair Market Rent (FMR) for ZIP 58008 - 2027

Location: Richland County, ND | Metro: Richland County, ND

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$920
1 Bedroom	$930
2 Bedrooms	$1,210
3 Bedrooms	$1,680
4 Bedrooms	$2,030
5 Bedrooms	$2,355
6 Bedrooms	$2,638
7 Bedrooms	$2,849
8 Bedrooms	$2,991

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

188

Median Household Income

$119,167

Housing Units

Renter Percentage

N/A

Occupancy Rate

90.5%

Renter Occupied

The ZIP code 58008, located in North Dakota, is characterized by its rural setting and sparse population. This area offers a unique opportunity for investors who are looking beyond the urban landscapes, targeting a niche market where housing needs are distinct.

Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,030. This figure indicates the maximum amount that a low-income household should pay for rent and utilities.
Market rent data is currently unavailable. Without specific market rent figures, it's challenging to compare against the FMR and assess the potential rental income accurately.
The median home value is not available. This lack of data makes it difficult to evaluate the typical property value in the area, which is crucial for understanding the potential resale value or appreciation of investments.
Renter share stands at 0.0%, indicating virtually no renters in the area. The absence of renters suggests a strong preference for homeownership among residents, which could impact the demand for rental properties.
Days on Market (DOM) data is also not available. This metric would typically help gauge how quickly homes sell in the area, but its absence means we cannot provide insight into the local real estate market's velocity.
The median income in the area is $119,167. This high median income could support higher property values and potentially justify higher rents if the market were to develop further.

The data points provided highlight a challenging investment landscape in ZIP 58008. With a Fair Market Rent figure of $1,030, investors must consider whether this aligns with their financial goals, especially given the high median income. However, the lack of available market rent and median home value data underscores significant gaps in understanding the true economic dynamics of the area. The minimal presence of renters suggests that any rental investment strategy would need to focus on converting owner-occupied units into rentals or developing new rental properties, which might face initial resistance. Lastly, the inability to assess Days on Market leaves questions about the liquidity of real estate investments in this ZIP code. For investors, the key takeaway is that while there may be potential, thorough local research and a clear understanding of the unique challenges are essential before committing capital.

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.