Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
910 is the Fair Market Rent (FMR) for ZIP code 58021 as of fiscal year 2024, indicating the maximum amount a Section 8 voucher holder can pay for housing in this area. Despite the N/A market rent figure, which suggests limited data on typical rental rates, the median home value stands at $311,992, offering a clear benchmark for property values in the region. The renter share is only 1.0%, reflecting a low demand for rental properties compared to owner-occupied homes. With a median income of $108,750, residents have a relatively strong financial standing, but the N/A-day Days on Market (DOM) and N/A% price-cut share highlight a lack of comprehensive data on how quickly homes sell and whether they typically require price reductions.
Investors should note that the FMR of $910 is significantly lower than the median home value of $311,992, suggesting that properties in this ZIP code might be overpriced for the average Section 8 tenant. However, the high median income of $108,750 could indicate that landlords might find other sources of rental income more lucrative. The low renter share of 1.0% further underscores the limited market for rental properties in this area, potentially making it less attractive for investors focused on rental yields.
In conclusion, the data points to a challenging environment for Section 8 landlords in ZIP code 58021. The verdict for Section 8 investment in this ZIP code is unfavorable due to the mismatch between the FMR and median home values, along with the low renter share and high median income, which collectively suggest a less favorable rental market for subsidized 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.