Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $840 |
| 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 |
The ZIP code 58208 is located in Grand Forks, North Dakota. It is a PO Box ZIP Code, meaning it primarily serves mailboxes rather than residential addresses. As a result, there is no demographic data available for this specific ZIP Code. However, we can analyze nearby ZIP codes such as 58201, which is likely to provide similar insights.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP code 58208 is set at $950 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors considering Section 8 properties. The FMR represents the maximum amount of rent that can be charged for subsidized units under the Section 8 program. While market rent data for 58208 is not available, it is essential to compare this FMR against local market rates to determine if Section 8 properties are financially viable.
The area is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the stability of Section 8 rents ensures consistent cash flow without the need for active management. For those interested in value-add opportunities, understanding the local market dynamics beyond just the FMR is critical. If market rents exceed the FMR, there might be opportunities to renovate and re-market properties to non-subsidized tenants, potentially increasing rental income.
To conclude, ZIP code 58208 offers a mix of potential investment strategies. Investors should carefully evaluate the broader context of Grand Forks, including nearby ZIP codes, to make informed decisions. The $950 FMR sets a clear benchmark for rental expectations, but market conditions and property specifics will ultimately dictate the best approach.
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.