Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
U.S. Census Bureau data (2024)
The ZIP code 58235 has a population of 513 individuals, with only 9.0% being renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. Given the median household income of $81,042, we can infer that rental demand driven by Section 8 vouchers will be relatively low due to the scarcity of voucher holders in this area.
To understand the financial dynamics better, let's compare the market rent to the median income. Although specific market rent figures are not provided, we can use the Fair Market Rent (FMR) as a benchmark. The FMR for ZIP 58235 is set at $980 per month for FY 2024. Assuming the actual market rent aligns closely with this figure, we can calculate that typical rent consumes approximately 12.5% of the median monthly income, which is calculated by dividing the annual median income by 12 months and then by the FMR. This percentage is derived from the following calculation: ($980 / ($81,042 / 12)) * 100 = 12.5%. Such a low proportion of income going towards rent suggests that most residents can afford market rates without assistance.
A landlord in ZIP 58235 should expect tenants who are likely to have stable employment and can manage their housing costs without relying on rental subsidies. These tenants will typically be part of the 9.0% who choose to rent rather than own, possibly due to personal preference, lifestyle choices, or temporary living situations. The expectation is for tenants who can pay market rents and do not heavily depend on Section 8 vouchers, given the higher median income relative to the FMR.
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.