Location: Rolette County, ND | Metro: Rolette County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,920 |
| 5 Bedrooms | $2,227 |
| 6 Bedrooms | $2,494 |
| 7 Bedrooms | $2,694 |
| 8 Bedrooms | $2,829 |
U.S. Census Bureau data (2024)
The ZIP code 58316 stands out due to its unique demographic and economic characteristics. With a population of 5,865 residents, where 40.6% are renters, it indicates a significant portion of the community relies on rental housing. The median income for this area is $66,932, which provides insight into the financial capacity of the residents. However, the lack of data on median home value suggests that homeownership may be less prevalent or that there is insufficient data to make a reliable assessment.
When it comes to Section 8 voucher economics, the disparity between the Fair Market Rent (FMR) and the actual market rent is stark. For fiscal year 2026, the FMR for the metro area is set at $970. In contrast, the Census ACS data shows that the average market rent is only $555. This gap presents an opportunity for landlords in ZIP 58316, as they can potentially charge higher rents to tenants using vouchers, thereby increasing their rental income. Landlords should note that the FMR is designed to reflect the 40th percentile of gross rents and utilities for standard-quality rental units, meaning that 60% of units cost more. Thus, the actual market rate is lower than what many voucher holders can afford, making it beneficial for landlords who offer quality rentals.
The data signature for ZIP 58316 reads as "stable." Despite the absence of median home value data, the presence of consistent rental percentages and median income figures suggests a steady state in terms of housing dynamics and economic conditions. Landlords and small-portfolio investors can leverage the voucher system to attract tenants who might otherwise struggle to find affordable housing in this ZIP code. By aligning their rental offerings with the FMR, they can ensure a stable tenant base while maximizing their rental income potential.
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.