Location: Richland County, ND | Metro: Richland County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 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 ZIP code 58074 is situated in Wahpeton, North Dakota. This area is characterized by its low population density and primarily consists of spacious single-family homes, many of which were constructed around 1960. These homes offer generous living spaces, typically featuring three to four bedrooms. However, the demographic data for ZIP 58074 reveals a unique aspect: there are no recorded renters, indicating a community where homeownership is prevalent. Additionally, specific economic indicators such as median income and median home value are not available, suggesting limited data for this particular region.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 58074 stands at $920 for the fiscal year 2026, as determined by HUD. This figure is significant because it represents the maximum amount that a Section 8 voucher holder can pay for rent. Notably, there is no data available regarding the market rent for this ZIP code, which could imply that the rental market is underdeveloped or not extensively tracked.
In assessing whether ZIP 58074 is suitable for a hands-off voucher operator or a hands-on value-add buyer, the lack of renters and limited economic data points towards a scenario where hands-on management might be necessary. Given the high FMR relative to the potentially lower market rents, a value-add strategy could be effective, focusing on improving properties to align with the higher FMR, thus attracting voucher holders. This approach would require active involvement in property management and potential renovations to capitalize on the Section 8 program's benefits.
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.