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 |
Fargo, ND in ZIP 58106 is a thriving suburban community with approximately 48,106 residents. This area is characterized by a working-class earning profile, with a median household income of $53,106, which is 100.1% above the state average. The median home value is around $197,129, reflecting an affordable housing market that is also 100.2% above the state average.
The rent economics in ZIP 58106 are notable. The Fair Market Rent (FMR) for FY 2024 is set at $940, significantly lower than the median market rent of $1,475. This discrepancy highlights the potential for landlords to attract tenants through the Section 8 program while still maintaining competitive rental rates.
Does this place fit a hands-off voucher operator or a hands-on value-add buyer? Given the below-average safety score of 50/100 and the higher market rent compared to the FMR, it leans towards being a better fit for a hands-on value-add buyer. Such an investor could potentially improve property conditions and offer amenities that justify higher rents, aligning with the local market trends. A hands-off operator might struggle due to the higher market rent expectations and the need for regular maintenance and management.
Data Sources: FMR data from HUD (2027).
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.