Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $820 |
| 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 market in ZIP code 58228 presents a dynamic environment that reflects the interplay between rental and homeownership trends. With a Fair Market Rent (FMR) of $910 for the fiscal year 2024, the rental market indicates a higher benchmark compared to the actual market rent reported at $737 according to the Census ACS data. This suggests that while there is a recognized fair value for rentals, the actual rents charged are lower, possibly due to competitive pressures or an oversupply of rental units.
The median home value stands at $219,631, which is a significant figure for potential homeowners and investors. However, the lack of specific data on the percentage of price cuts and days on market (DOM) makes it challenging to draw definitive conclusions about the speed and ease of property sales. Despite these gaps, the current snapshot suggests that the market is somewhat balanced, but leans towards having a slight surplus of rental properties relative to demand.
A key indicator of long-term housing pressure is the 18.0% renter share. This relatively low percentage of renters implies that a majority of residents in ZIP 58228 own their homes. Such a high homeownership rate can indicate stability and a preference for long-term investment over short-term rental solutions. For landlords and small-portfolio investors, this means that the area might be less prone to rapid changes in housing demand, providing a steady but potentially less volatile market for rental investments.
In summary, ZIP 58228 offers a mix of opportunities and challenges for real estate investors. The rental market is currently undersold relative to the FMR, suggesting a competitive landscape for landlords. Meanwhile, the homeownership sector provides a stable foundation with a median home value that aligns well with the local economic conditions. The low renter share points to a community that values ownership, which can influence both the supply and demand dynamics in favor of long-term stability rather than speculative growth.
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.