Location: Pembina County, ND | Metro: Cavalier County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 58262 reveals a complex landscape for both renters and landlords. The median income in this area stands at $105,000, which is a strong indicator of financial stability among households. However, without specific market rate data, it's challenging to provide a direct comparison on affordability.
Despite the lack of precise market rate figures, we can infer that the rental market in 58262 is relatively tight. With only 23.3% of the 125 residents being renters, the demand for rental properties is lower compared to areas with higher percentages of renters. This means that landlords might face less competition for tenants, but also a smaller pool of potential renters.
The voucher payment standard in the metro area for fiscal year 2026 is set at $940. For a household earning the median income of $105,000, this figure represents a significant discount from what they could potentially pay in the open market. This makes voucher-assisted housing an attractive option for many renters, especially given the limited number of available rental units.
The affordability gap between the median income and the FMR of $940 suggests that there is a substantial portion of the population capable of paying above the voucher rate. Landlords should consider this when deciding whether to accept vouchers or focus on cash-paying tenants. While accepting vouchers ensures a steady stream of income, albeit at a fixed rate, targeting cash-paying tenants could yield higher rents, taking advantage of the financial capacity of the local residents.
Takeaway for landlords: Given the median income and the low percentage of renters, there is likely a viable market for higher-priced rentals. However, the presence of a federal payment standard at $940 per month indicates that some renters will be seeking assistance. Landlords must weigh the benefits of guaranteed payments through vouchers against the possibility of securing higher rents from cash-paying tenants. Understanding the local rental dynamics and the preferences of the resident population is key to making an informed decision.
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.