Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
U.S. Census Bureau data (2024)
The ZIP code 58244 presents an interesting mix of yield potential and stability, making it a viable option for both high-yield seekers and those looking for steady cash flow.
On the yield axis, the Fair Market Rent (FMR) for ZIP 58244 in fiscal year 2024 is set at $950. This figure is notably higher than the average market rent and home values, which are currently not available. The absence of market rent and home value data suggests that FMR may be a significant benchmark for rental pricing in this area, indicating a strong potential for above-average rental yields.
Moving to the stability axis, the rental market in ZIP 58244 shows some signs of reliability. With only 4.3% of residents classified as renters, the demand for rentals is relatively low compared to areas with higher percentages. However, the median household income stands at $175,313, which is quite robust and suggests that tenants who do rent in this area are likely to have a stable financial situation, reducing the risk of default on rent payments.
The days on market (DOM) figure is also not available, but given the high median income, it's reasonable to infer that rental properties may turn over quickly once they're listed, although the low percentage of renters might slow this process down.
Based on these figures, ZIP 58244 leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. While the FMR provides a solid basis for rental income, the relatively low percentage of renters and the high median income suggest a market where tenants are likely to pay consistently and on time. The lack of specific market data makes it challenging to pinpoint exact yield potential, but the combination of a strong FMR and high incomes points towards a reliable rental income stream.
To further classify this market, it would be beneficial to gather more detailed data on market rents and days on market. These metrics would provide a clearer picture of whether the area is more suited to quick flips or long-term investment strategies.
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.