Location: Barnes County, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The rent math in ZIP 58031 does not work as expected due to the lack of available market rent data. The Fair Market Rent (FMR) for the area is set at $940 for fiscal year 2024, which is the benchmark used by the Housing Choice Voucher Program, commonly known as Section 8. However, without comparative market rent figures, it's challenging to assess if the FMR adequately covers the costs associated with renting out properties in this ZIP code.
Regarding the affordability of property acquisitions, the data is incomplete. The median home value is listed as N/A, which means there isn't enough information to determine if buying homes in this area is cost-effective for landlords and small-portfolio investors. Similarly, the days on market (DOM) and the percentage of homes that have been price-cut are also not provided, making it difficult to gauge how quickly and easily properties can be acquired here.
Tenant demand in ZIP 58031 is modest. With a total population of 301, only 7.0% of residents are renters. This translates to approximately 21 potential tenants who might rely on Section 8 vouchers to find housing. Given the small number of renters, competition for these vouchers could be fierce among landlords, and the pool of eligible tenants is limited.
In summary, ZIP 58031 presents a mixed picture for landlords and small-portfolio investors. While the FMR provides a clear rental income target, the absence of market rent data complicates the assessment of whether this income is sufficient. Property acquisition is uncertain due to missing details on home values and market conditions. Tenant demand is low, with only about 21 individuals likely to use Section 8 vouchers. These factors suggest that investing in this ZIP code would require careful consideration and a thorough understanding of local market dynamics beyond the provided data points.
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.