Location: Grand Forks, ND | Metro: Grand Forks, ND-MN MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 58258 has a population of 261 residents, with 9.8% of them being renters. This indicates that the area is predominantly homeowner-dominated rather than renter-heavy. The median household income stands at $56,071, which provides context for understanding the economic conditions of potential tenants.
Although specific market rent figures are not provided, we can use the Fair Market Rent (FMR) as a benchmark for comparison. For fiscal year 2024, the FMR in ZIP 58258 is set at $1,020. To determine how much of the local income goes towards rent, we calculate the percentage of the median household income that would be consumed by the FMR. In this case, it equates to approximately 18.2% of the median income ($1,020 / $56,071 * 100).
This percentage suggests that the typical rent in the area consumes a significant portion of the average resident's income. However, given the relatively low proportion of renters, landlords should anticipate that the demand for Section 8 vouchers is likely to be less intense compared to areas with higher rental populations.
The tenant profile in ZIP 58258 will primarily consist of individuals who are financially constrained and rely on government assistance to cover housing costs. Landlords should expect to deal with tenants whose incomes fall below 50% of the area median income, as required by the Section 8 program. This means that the majority of these tenants would have an annual income of less than $28,035.50, which is half of the median household income in the area.
In conclusion, while the income levels suggest that rent constitutes a notable share of the local economy, the low percentage of renters implies that the competition for Section 8 vouchers might not be as fierce as in more urbanized areas. Landlords should prepare for tenants who are eligible for housing assistance due to their lower income levels but also consider the implications of operating in a market with fewer rental units overall.
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.