Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
ZIP code 58214, located within the Grand Forks, ND-MN Metropolitan Statistical Area (MSA), presents an interesting profile for real estate analysis. Its Fair Market Rent (FMR) for 2024 is set at $910. This figure is critical for understanding the rental dynamics within the area.
Comparatively, typical ZIP codes within the Grand Forks MSA have varying FMRs, but 58214's FMR of $910 aligns closely with the lower end of the spectrum. Given that the market rent and home value data are not available for this specific ZIP, we must rely on the FMR and renter share to make informed inferences.
The renter share in ZIP 58214 stands at 7.8%. This percentage indicates a modest proportion of renters compared to homeowners, suggesting it is neither a predominantly rental nor owner-occupied area. However, the combination of a defined FMR and a noticeable renter share points towards an area that could be attractive for landlords and investors focused on the Section 8 housing voucher program.
In the context of Grand Forks, ZIP codes with a higher renter share and below-average home values often indicate a value pocket where Section 8 properties can thrive. Although specific market rent and home value data for 58214 are unavailable, the presence of an FMR suggests that there is a recognized need for affordable housing in this area. The absence of market rent and home value figures might imply that 58214 has limited private market activity, which further supports the idea that it could be a value pocket within the larger metro area.
Investors should consider that the FMR of $910 sets a benchmark for rental pricing that aligns with federal guidelines for affordability. While this may limit potential rental income compared to non-subsidized markets, it also ensures a steady stream of tenants through the Section 8 program, reducing vacancy risks and providing financial stability.
Overall, ZIP 58214 appears to be a niche market within the Grand Forks MSA, suitable for those looking to invest in affordable housing and benefit from the Section 8 program. Its characteristics suggest it is a value pocket rather than a mid-tier or premium sub-market, offering opportunities for investors willing to focus on government-assisted rentals.
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.