Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 58204, part of the Grand Forks, ND-MN Metropolitan Statistical Area, reveals critical insights for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for ZIP 58204 for fiscal year 2024 is set at $1390. In contrast, the market rent, according to Census ACS data, is $1626. This indicates that landlords could potentially charge a higher rent than the FMR, suggesting a positive margin if costs are managed effectively.
Moving on to the affordability of acquisitions, the data shows a median home value of N/A, with listings staying on the market for an average of N/A days before selling (DOM) and N/A% of homes experiencing price cuts during the listing period. These figures are not available, which makes it challenging to assess the direct cost of acquiring properties. However, the lack of specific data might indicate a stable or less volatile real estate market, reducing the risk of sudden price drops or prolonged listings.
The third question concerns tenant demand. ZIP 58204 has a population of 1,834, with a significant 97.7% of residents being renters. This high percentage of renters suggests a strong demand for rental housing, making it likely that any rental property would be occupied promptly.
Verdict: Despite the absence of specific data on median home values and listing durations, the strong tenant demand and favorable rent-to-FMR ratio indicate that ZIP 58204 is a viable investment opportunity for landlords and small-portfolio investors. The potential to charge above the FMR and the high renter share ensure that rental income can be reliably generated, supporting the financial viability of rental properties in this area.
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.