Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58251 in fiscal year 2024 is set at $910. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, known officially as the Housing Choice Voucher Program. It's important to note that this is not the actual rent you will receive; rather, it's the ceiling on what tenants can be asked to pay towards their rent.
The FMR is based on the median gross rent paid by very low-income renters in the area, adjusted to account for differences in housing size and quality. In ZIP 58251, this standard is set to ensure that eligible families do not spend more than 30% of their income on housing.
The renter share in this ZIP code is 15.7%, indicating that a significant portion of the population relies on rental housing. This suggests there is a steady demand for rental properties, particularly those that qualify for assistance programs like Section 8.
If you're looking to acquire a property in ZIP 58251, the median home value stands at $204,535. This gives you an idea of the investment required to enter the market. However, remember that the FMR of $910 is the cap for tenant contributions, so your total rental income will likely be less than this amount.
To make informed decisions about participating in the Section 8 program, verify that the property meets all the necessary eligibility requirements, including unit size, condition, and location. Once these criteria are met, the property must also pass an inspection to ensure it complies with the Housing Quality Standards (HQS).
In summary, the FMR of $910 in ZIP 58251 sets the limit on what you can charge tenants who use Section 8 vouchers. With a 15.7% renter share, there is a notable demand for rental housing. The median home value of $204,535 provides insight into the cost of acquiring a property. Before proceeding, ensure your property meets all the HQS requirements to avoid any complications once you've entered the program.
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.