Location: Steele County, ND | Metro: Barnes County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The market dynamics in ZIP code 58056 reveal a unique snapshot of the rental landscape, particularly under the Section 8 program. With a Fair Market Rent (FMR) set at $980 for fiscal year 2026, landlords and small-portfolio investors must align their rental pricing strategies accordingly. This figure represents the threshold above which the rental market could face challenges in attracting tenants who rely on federal assistance.
The lack of specific data on market rent, price-cut share, days on market (DOM), and median home value suggests that the area might be less saturated with real estate activity, indicating a potentially stable but less competitive market environment. However, the 38.6% renter share provides significant insight into the long-term housing pressures faced by this community. A higher percentage of renters typically implies sustained demand for rental properties, as a considerable portion of the population relies on leasing rather than purchasing homes.
This dependency on rentals can translate into consistent occupancy rates for landlords, as there is a continuous need for affordable housing options. The absence of fluctuating data points such as price-cut shares and DOM indicates that the market is likely steady, with neither an overwhelming surplus nor shortage of available rental units. Yet, the presence of a notable renter share signals that any increase in rental supply could be readily absorbed by the local demand, suggesting that the market is more inclined towards demand stability rather than being dominated by supply.
In essence, ZIP 58056 presents a balanced market scenario where the demand for rental housing, especially those within the affordability range of the Section 8 program, remains strong. Landlords and investors should focus on maintaining properties that meet the criteria for federal assistance programs while positioning themselves to benefit from the steady demand for rental housing in the area.
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.