Location: Richland County, ND | Metro: Richland County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,140 |
| 5 Bedrooms | $2,482 |
| 6 Bedrooms | $2,780 |
| 7 Bedrooms | $3,002 |
| 8 Bedrooms | $3,152 |
U.S. Census Bureau data (2024)
388,836 is the median home value in ZIP 58018, indicating a stable housing market. However, the renter share stands at 3.8%, which is relatively low compared to national averages. This suggests that homeownership is prevalent, potentially limiting rental opportunities. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,090, providing a benchmark for rental pricing. Despite this, the market rent figure is listed as N/A, highlighting a lack of recent data on actual rental rates in the area. Landlords should note that the median income of $105,000 can support higher rents, but it's essential to consider the local rental dynamics. The days on market (DOM) and price-cut share percentages are also listed as N/A, which could mean insufficient data or a tight market where homes are sold quickly without significant price adjustments. For investors focused on Section 8 properties, the $1,090 FMR is crucial, as it determines the maximum allowable rent for subsidized units. Given the low renter share and the absence of current market rent data, landlords and small-portfolio investors must carefully assess the demand for affordable housing in this area.
The absence of specific figures for DOM and price-cut share makes it challenging to gauge the current state of the rental market. However, the presence of a defined FMR indicates that there is a structured approach to affordable housing in the region. This structure is beneficial for investors looking to secure long-term, stable rental income through Section 8 programs. The median income figure of $105,000 suggests that residents have the financial capability to afford higher rents, but they may still prefer the security and affordability offered by Section 8 properties. Therefore, landlords should focus on properties that meet the requirements of the program and are priced competitively within the $1,090 FMR limit.
Despite the limited data on market-specific metrics, the overall economic indicators point towards a potential niche for Section 8 properties. The low renter share might imply that there is room for growth in the rental sector, especially in affordable housing. With the median home value at $388,836, it's evident that owning a home is a significant investment, making rental options attractive to those who cannot afford to buy. In conclusion, while the specific rental market dynamics remain unclear, the economic stability and the defined FMR make ZIP 58018 a viable location for Section 8 investments.
Section 8 Verdict: Viable for strategic investments in affordable housing.
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.