Section 8 Fair Market Rent (FMR) for ZIP 58016 - 2027

Location: Traill County, ND | Metro: Steele County, ND

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$800
1 Bedroom	$810
2 Bedrooms	$1,030
3 Bedrooms	$1,420
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

178

Median Household Income

$109,359

Housing Units

Renter Percentage

29.1%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 58016 presents an interesting mix of yield potential and stability that leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. The Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $910, which is significantly higher than the market rent of $231. This stark contrast suggests that there is considerable subsidy available through the Section 8 program, making it highly attractive for landlords who can secure these properties under the Housing Choice Voucher program.

However, the stability indicators paint a more nuanced picture. With 29.1% of the population being renters, the demand for rental housing is relatively stable. The absence of data on days on market (DOM) implies that there isn't a high turnover rate, which could be indicative of a stable tenant base. Additionally, the average household income of $109,359 provides a strong financial cushion, reducing the risk of tenant defaults and ensuring a reliable cash flow.

To further clarify, let's break down the key figures:

Federal Market Rent (FMR): At $910, this is the maximum amount that a landlord can charge for a Section 8 voucher, which is well above the current market rent of $231.
Renters' Percentage: With 29.1% of residents renting, there is a consistent demand for rental properties.
Average Household Income: The $109,359 figure indicates a robust local economy capable of supporting rental payments and minimizing the risk of non-payment.

Given these factors, the ZIP code 58016 is best classified as a steady-cashflow zone. The high subsidy rates ensure that landlords can achieve good yields without the volatility often associated with areas where rental demand fluctuates widely. Furthermore, the solid average income level supports the sustainability of rental payments over time, providing a dependable source of income for property owners. This classification is driven by the significant gap between FMR and market rent, combined with the moderate percentage of renters and the high average household income.

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.