Location: Fargo, ND | Metro: Fargo, ND-MN MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $190,956 | 0.54% | F |
| 3BR | $1,440 | $268,422 | 0.54% | F |
U.S. Census Bureau data (2024)
The ZIP code 58102 in Fargo, ND, is characterized by a significant rental population, with 53.8% of residents being renters. This makes it a prime location for landlords and small-portfolio investors looking to attract Section 8 tenants. The median household income in this area stands at $59,533, which provides a solid baseline for understanding the financial capabilities of potential tenants.
A typical market rent of $1,140 in this ZIP code represents approximately 19.15% of the median household income. This percentage indicates that while rents are not excessively high relative to income, they still constitute a considerable portion of monthly earnings, highlighting the importance of rental assistance programs such as Section 8.
The Fair Market Rent (FMR) for ZIP 58102, set at $910 for FY 2024, is notably lower than the market rent. This discrepancy suggests that there is a substantial demand for rental units that fall under the FMR threshold, making it likely that Section 8 vouchers will be widely sought after. Landlords in this area can anticipate a robust pool of tenants who require housing assistance, given the high proportion of renters and the relatively high market rents compared to the FMR.
In summary, ZIP 58102 is a renter-heavy area with strong demand for Section 8 vouchers. The typical rent consumes nearly 20% of the local median income, positioning Section 8 vouchers as a critical resource for many residents. Landlords should prepare to engage with tenants who rely on government subsidies to cover their housing costs, ensuring compliance with HUD regulations and maintaining quality standards to appeal to this tenant base.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.