Location: Walsh County, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,370 |
| 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)
ZIP 58231, located in Walsh County, North Dakota, is best suited as a diversifier within a Section 8 portfolio strategy. This classification is based on the ZIP's renter share and median income figures.
The renter share in ZIP 58231 is 8.8%, which is relatively low compared to urban areas where renter shares are typically higher. Despite this, the median income stands at $85,833, indicating a strong economic foundation among residents. This combination suggests that while the majority of households own their homes, there is still a significant portion of the population that can afford higher rents, making it an attractive area for landlords looking to diversify their investment geographically.
Incorporating ZIP 58231 into a Section 8 portfolio strategy offers several advantages:
It provides exposure to a different type of market, reducing overall risk.
The higher median income supports the possibility of collecting above Fair Market Rent (FMR) rates, which are set at $950 for the ZIP in fiscal year 2024.
The low renter share means competition for rental properties might be less intense, allowing landlords to maintain higher occupancy rates.
While ZIP 58231 does not present itself as a primary cash-flow anchor due to the lack of specific market rental rate data, nor does it appear to be a high appreciation play with limited price-cut share and days on market (DOM) information, it serves as a valuable component for portfolio diversification. Landlords and small-portfolio investors should consider this ZIP code as part of a balanced strategy that includes various types of markets to ensure long-term stability and 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.