Section 8 Fair Market Rent (FMR) for ZIP 58061 - 2027

Location: Richland County, ND | Metro: Richland County, ND

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

369

Median Household Income

$93,125

Housing Units

130

Renter Percentage

12.0%

Occupancy Rate

96.2%

Renter Occupied

The ZIP code 58061, located in the heart of North Dakota, is characterized by its rural setting and strong local economy, driven primarily by agriculture and energy sectors. This area offers a stable environment for real estate investments, particularly for those interested in the rental market.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $870, indicating a robust rental market that supports higher rents compared to the national average.
The actual market rent, based on Census ACS data, stands at $525. This suggests there is potential for increasing rents towards the FMR level, offering upside for landlords.
The median home value in ZIP 58061 is $221,152, which is below the national median but reflects the regional housing market dynamics.
Renters make up 12.0% of the population, a figure that underscores the importance of understanding the local demand for rental properties.
The median household income in the area is $93,125, which is significantly above the national median, providing a strong financial base for tenants to afford higher rents.
The Days on Market (DOM) for rentals is not available, but given the strong local economy and relatively low supply of rental units, it's likely that vacancies are filled quickly.

In summary, ZIP 58061 presents a favorable investment climate, especially for those looking to capitalize on the rental market. With a median income well above the national average, there is a solid tenant pool capable of supporting higher rents. The gap between the current market rent and the FMR indicates an opportunity for growth, while the median home value suggests that property acquisition costs are manageable. Landlords and small-portfolio investors should focus on maintaining quality properties to attract tenants willing to pay closer to the FMR, leveraging the strong local economy and stable demand for rentals.

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.