Location: Barnes County, ND | Metro: Barnes County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The rent math in ZIP 58063 does not favor landlords. The Fair Market Rent (FMR) set at $970 for the fiscal year 2026 is significantly higher than the current market rent of $535, based on Census ACS data. This discrepancy suggests that landlords might struggle to achieve the higher rent levels expected by the FMR, leading to potential financial losses if they rely solely on these figures.
Regarding acquisition affordability, the median home value in ZIP 58063 stands at $219,355. However, without specific data on days on market (DOM) and the percentage of homes requiring price cuts, it's challenging to assess the ease or difficulty of acquiring properties. Landlords should conduct further research into local real estate trends to understand the dynamics of property acquisition better.
Tenant demand appears low in ZIP 58063. With a total population of 365, only 7.5% are renters. This indicates a limited pool of potential tenants, which could pose challenges for landlords seeking steady occupancy. The small number of renters also implies that competition for tenants might be fierce, potentially driving down rental rates even further below the already low market rent.
Overall, ZIP 58063 presents significant challenges for landlords and small-portfolio investors. The mismatch between FMR and actual market rents, coupled with a low tenant demand, makes it a less attractive investment opportunity. Landlords should carefully consider these factors before committing to rental properties in this area, especially given the median home value and the lack of detailed acquisition metrics.
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.