Section 8 Fair Market Rent (FMR) for ZIP 58046 - 2027

Location: Steele County, ND | Metro: Fargo, ND-MN MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$790
2 Bedrooms	$1,010
3 Bedrooms	$1,380
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

645

Median Household Income

$65,625

Housing Units

278

Renter Percentage

26.1%

Occupancy Rate

89.6%

Renter Occupied

The ZIP code 58046, located in North Dakota, is characterized by its rural setting and reliance on agriculture and energy sectors. The housing market here reflects a balance between the needs of residents and the economic conditions of the region.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 58046 for fiscal year 2024 is set at $910, indicating the government's benchmark for rental prices in the area.
The average market rent for properties in this ZIP code, according to Census ACS data, stands at $685, suggesting that landlords can expect to charge below the FMR but still attract tenants.
The median home value in ZIP 58046 is not available, which could be due to limited sales data, implying that the market is primarily rental-focused rather than homeownership.
Renters make up 26.1% of the population, showing a significant portion of the community relies on rental housing, which presents opportunities for landlords and small-portfolio investors.
The median income for households in ZIP 58046 is $65,625, providing insight into the financial capacity of potential tenants and buyers.

Investors looking to enter the ZIP 58046 market should focus on rental properties, given the high renter share and the gap between market rents and FMRs. With the median income being relatively stable, there is a solid foundation for consistent rental payments. However, the lack of data on median home values suggests that the area may not be ideal for those interested in flipping homes or relying on appreciation for returns. Instead, the emphasis should be on long-term rental income, where the lower-than-FMR market rents present a sustainable opportunity for steady cash flow.

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.