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)
The analysis of ZIP code 58233 reveals a market that is neither purely high-yield nor entirely stable, but rather a blend of both characteristics. To understand this classification, let's break down the key figures.
Firstly, focusing on yield, the Fair Market Rent (FMR) for ZIP 58233 in fiscal year 2024 is set at $950. This figure is significantly higher than the average market rent of $435, indicating a strong potential for rental income above market rates. However, the absence of data regarding home values suggests that flipping properties might not be a lucrative strategy in this area, as we cannot compare the FMR against typical home prices to assess profit margins from sales.
Secondly, when it comes to stability, the ZIP code shows a moderate level of tenant commitment. With 13.5% of residents being renters, there is a notable but not overwhelming presence of tenants who might be less likely to purchase homes. The lack of data on days on market (DOM) implies uncertainty around how quickly properties can be rented out or sold. Lastly, the median household income of $84,375 provides some assurance that tenants have the financial capacity to pay rents close to or above the FMR.
To summarize, ZIP 58233 leans towards a steady-cashflow zone. The high FMR compared to the market rent suggests a good opportunity for landlords to achieve higher yields through Section 8 rentals. The moderate percentage of renters indicates a balance between long-term tenancy and property turnover, which supports a consistent cash flow. Despite the missing data points on home values and DOM, the income levels provide confidence that tenants will be able to meet their obligations, thereby ensuring a stable source of income for landlords.
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.