Location: Walsh County, ND | Metro: Walsh County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58250 stands at $108,375, which places it above the national average. However, when considering the market rate for rent, which is $570 according to the Census ACS, it becomes evident that the cost of living is relatively low compared to income levels. This suggests that a household in this area could comfortably afford the market rent without significant strain on their finances.
In contrast, the Fair Market Rent (FMR) set by the government for the metro area in fiscal year 2026 is $1,040. This figure represents the maximum amount that a Section 8 voucher holder can pay towards rent, with the remainder covered by the voucher. The disparity between the $570 market rate and the $1,040 FMR indicates a substantial affordability gap for voucher recipients in ZIP 58250.
With 28.4% of the population being renters, there is a notable segment of the community that might be looking for affordable housing options. However, the low market rent and high FMR suggest that landlords could face less competition from those seeking properties within the voucher program's limits. Many units priced at the market rate would already be within reach for residents without needing assistance, reducing the incentive for voucher holders to seek out these lower-cost rentals.
The takeaway for landlords considering whether to accept vouchers or focus on cash-paying tenants is clear. Given the relatively low market rent and the high FMR, landlords in ZIP 58250 have an opportunity to attract cash-paying tenants who can afford the rent without assistance. Accepting vouchers might still be beneficial for those willing to rent at higher rates, but the majority of the local rental market appears to favor properties that do not require government subsidies to remain affordable.
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.