Location: Walsh County, ND | Metro: Nelson County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The ZIP code 58224, with a median household income of $128,125, presents an interesting scenario for both renters and landlords. However, due to the lack of specific market rate data for this area, it's challenging to provide a direct comparison between the income levels and rental costs. What we do know is that the Fair Market Rent (FMR) as determined by HUD for this metro area in fiscal year 2026 is set at $870. This figure represents the standard voucher payment for housing assistance.
Given the extremely low number of renters—only 0.0% of the population—and a total population of just 28, the competition among landlords in this area is virtually non-existent. The affordability gap, which would normally be a significant concern, is not a pressing issue here because the demand for rental properties is minimal. In other words, there are very few potential tenants who might struggle to find affordable housing.
The takeaway for landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants is clear. Due to the scarcity of renters and the high median income, landlords should prioritize attracting cash-paying tenants over those with vouchers. The $870 voucher payment standard is likely far below what a typical household in this ZIP code could afford, making the opportunity cost of accepting vouchers relatively high. Landlords in 58224 should expect to charge significantly more than the voucher amount, reflecting the local economic conditions and the limited supply of rental units.
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.