Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,720 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
U.S. Census Bureau data (2024)
The market in ZIP code 58256 presents a dynamic equilibrium between supply and demand, with some indications that demand may be slightly outpacing supply. This inference is drawn from the Fair Market Rent (FMR) set at $1,140 for the fiscal year 2024, which is notably lower than the reported market rent of $1,375 according to the Census ACS data. The higher market rent suggests that landlords can command a premium above the FMR, indicating strong tenant interest in the area.
A key metric to consider is the 12.1% renter share, which is relatively low compared to national averages. This implies that the majority of residents prefer homeownership, with the median home value standing at $255,449. Despite the low renter share, the disparity between the FMR and market rent signals an underlying pressure on rental housing, as tenants willing to pay above the FMR are likely competing for limited units. This competition could be driven by various factors including employment opportunities, quality of life, or proximity to amenities that attract renters despite the high cost of living.
The lack of specific data on price-cut share and days on market (DOM) makes it challenging to assess the exact supply-demand balance. However, the higher market rent relative to the FMR suggests that landlords are able to maintain their asking prices without significant concessions, indicating a robust rental market. In a scenario where supply is tight, landlords would have less incentive to reduce rents or offer discounts to attract tenants.
In summary, ZIP 58256 appears to be a market where demand is robust, particularly for rental properties, despite a low renter share. Landlords can leverage this to maintain or even increase rental rates, ensuring a steady income stream for those invested in the rental sector. For homeowners, the median home value indicates a stable asset base, though the rental dynamics suggest potential challenges in converting homes to rental units without careful consideration of market conditions.
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.