Location: Richland County, ND | Metro: Wilkin County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 58030 stands out due to its unique data profile, which includes a total of 593 residents, with only 10.2% renting their homes. The median income in this area is $75,909, and the median home value is $142,827. This combination of factors indicates that the majority of homeowners in this ZIP code have a relatively stable financial situation.
When it comes to Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $970. However, the current market rent, according to Census ACS data, is significantly lower at $600. This discrepancy means that landlords who accept Section 8 vouchers can potentially charge closer to the FMR rate, thus increasing their rental income above the typical market rate.
The data signature for ZIP 58030 reads as "stable." With a high median income and a high median home value, the area is characterized by economic stability among its residents. The low percentage of renters also suggests that there is a strong preference for homeownership, which is often associated with long-term stability in a community. Landlords and small-portfolio investors should consider these factors when evaluating the potential risks and rewards of operating in this ZIP code.
Specifically, the high median income supports the likelihood that tenants will be able to consistently pay their portion of the rent. Additionally, the higher FMR compared to the current market rent provides an opportunity for landlords to increase their rental income by accepting Section 8 vouchers. However, the low percentage of renters means that the demand for rental properties may be limited, so landlords must weigh the benefits of accepting vouchers against the potential challenges of finding tenants.
In conclusion, ZIP 58030 offers a stable environment for real estate investment, particularly for those interested in Section 8 vouchers. The median income of $75,909 and median home value of $142,827 indicate a financially secure community. Landlords can leverage the difference between the FMR of $970 and the market rent of $600 to enhance their returns on investment. Given the data, the ZIP code appears to be in a stable phase, making it a reliable option for those looking to invest in a secure market.
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.