Location: Ransom County, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The ZIP code 58027 represents a modest-sized market with a population of 1,530 residents. Within this demographic, 20.0% are renters, indicating a smaller but still significant rental market. The median household income stands at $75,774, which is relatively high compared to national averages.
Considering the median family monthly income, the $850 market rent consumes approximately 14.1% of the average monthly income. This percentage suggests that the rent is manageable for most tenants, even without the assistance of vouchers. However, the Fair Market Rent (FMR) for the area is set at $910 for FY 2024, slightly higher than the current market rent. This indicates that there could be a slight pressure on rents moving closer to the FMR level, but it remains within a reasonable range for many local households.
The presence of Section 8 vouchers in ZIP 58027 can be inferred from the renter population percentage, but given the relatively high median income, the demand for vouchers might not be as pronounced as in areas with lower incomes. Landlords in this ZIP should anticipate a mix of tenants, including those who can afford market rents and a smaller segment that may rely on housing vouchers.
To summarize, while ZIP 58027 has a notable rental market, it is not dominated by homeownership. The typical rent of $850 is a modest portion of the median income, suggesting that most tenants can manage rent payments independently. Landlords should prepare for a diverse tenant pool, with a focus on individuals and families capable of paying close to market rates, alongside a smaller number of voucher-assisted tenants.
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.