Location: Cavalier County, ND | Metro: Cavalier County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,290 |
| 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)
A household in ZIP code 58249, with a median income of $64,571, faces significant challenges in affording the market rate rent of $794. This is evident when comparing the median income to the typical rental costs, which exceed what would be considered affordable based on common financial guidelines. The Federal Market Rent (FMR) standard for the metro area in fiscal year 2026 is set at $870, indicating that even the government assistance through housing vouchers aims to cover rents slightly above the current market rate.
The affordability gap is further highlighted by the fact that only 20.3% of the 2,217 residents are renters. This suggests a relatively low demand for rental properties, which could intensify competition among landlords. Given these conditions, landlords must carefully consider their rental pricing and tenant selection strategies.
For landlords contemplating voucher versus cash-pay strategies, the data points to a strategic advantage in accepting vouchers. While the FMR standard is slightly higher than the current market rate, it still falls short of fully covering the median household income. Accepting vouchers can provide a steady stream of tenants who might otherwise struggle to find affordable housing, thereby ensuring occupancy rates remain stable. However, landlords should also be prepared to manage the administrative complexities associated with voucher programs.
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.