Location: Traill County, ND | Metro: Traill County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 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 median income in ZIP code 58045 stands at $86,484, making it a middle-class area where households might struggle to afford the market rate rent of $636. However, when comparing this figure to the Fair Market Rent (FMR) set at $940 for zip code 58045 in fiscal year 2024, the disparity becomes evident. The FMR is significantly higher than the actual market rate, suggesting that rental properties receiving Housing Choice Voucher payments could command higher rents.
Given that only 21.6% of the 2,239 residents are renters, the competition among landlords is likely to be moderate. This means that landlords who offer competitive rents and amenities may attract tenants more easily. However, the affordability gap between the median income and the FMR indicates that many potential renters might rely on government assistance to cover their housing costs.
The takeaway for landlords is clear: while the market rate of $636 is below the median income, it is also well below the FMR of $940. Landlords should consider that voucher holders can pay up to the FMR, which is nearly double the current market rate. This presents an opportunity to increase rental income by accepting vouchers, though it requires compliance with HUD standards and regulations. For those preferring cash-paying tenants, understanding the local income levels will be key to setting affordable rates that still yield a profit.
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.