Location: Ramsey County, ND | Metro: Cavalier County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58338 is set at $930 for the fiscal year 2026. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, but it does not necessarily mean that tenants will pay $930 per month. Instead, HUD uses this amount to determine the maximum rent that can be charged for a Section 8 unit in this area.
While the local median rent for ZIP 58338 is currently listed as N/A, we can still make some useful comparisons. The FMR of $930 is based on market conditions and aims to cover a reasonable portion of rental costs. However, without specific local data, we cannot directly compare this to the typical rent in the area. This lack of local data suggests that there might be limited information available on average rents, which could indicate a less competitive market or simply fewer transactions recorded.
The renter share in this ZIP code is 16.7%, meaning that approximately 16.7% of the population are renters. This percentage indicates the proportion of the community likely to seek rental housing, including those who may apply for Section 8 vouchers. Although the exact number of Section 8 participants in the area is not provided, the renter share suggests a steady demand for affordable housing options.
Regarding acquisition costs, the data shows N/A, indicating that specific figures for purchasing property in ZIP 58338 are not readily available. Without these numbers, it's challenging to provide a precise analysis of how much you would need to invest to acquire a property. However, knowing the FMR and the renter share can help estimate potential returns and occupancy rates.
Before proceeding with your first Section 8 rental in ZIP 58338, verify that the property meets all the necessary inspection criteria. HUD requires that all Section 8 properties pass a thorough inspection to ensure they meet health and safety standards. This step is crucial because failing the inspection can delay or prevent the start of your rental income.
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.