Location: Fargo, ND | Metro: Fargo, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The ZIP code 58079 is situated in a predominantly owner-occupied neighborhood in North Dakota. With a total population of 504, it stands out for having 0.0% of its residents classified as renters, indicating a strong preference for homeownership in the area. The median household income here is notably high at $126,477, reflecting a prosperous community where residents have ample financial resources.
Despite the lack of specific data on median home values and market rents for ZIP 58079, the Fair Market Rent (FMR) for the area, as of the fiscal year 2024, is set at $960. This figure is established by the U.S. Department of Housing and Urban Development (HUD) to ensure that rental housing is affordable for low-income families participating in the Section 8 program. However, the absence of concrete market rent data suggests that there might be limited rental activity in this ZIP code, which could impact the viability of Section 8 investments.
Given the characteristics of ZIP 58079, it appears less suitable for a hands-off voucher operator due to the scarcity of rental properties and the overwhelming majority of homeowners. Instead, a hands-on value-add buyer might find opportunities to convert underutilized spaces or develop rental units that cater to the needs of those who qualify for Section 8 assistance. Such an investor would need to be proactive in identifying potential properties and working closely with local authorities and HUD to navigate the nuances of the Section 8 program in this unique market.
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.