Location: Wells County, ND | Metro: Benson County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 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)
A household in ZIP code 58341, with a median income of $61,641, faces significant challenges in affording the market rate rent of $649. This makes it nearly impossible for residents to cover their housing costs without financial strain, given that the typical family income barely exceeds the annual cost of renting at market rates.
The situation becomes even more complex when comparing the market rate to the Fair Market Rent (FMR) standards set for voucher payments. The FMR for the metro area in fiscal year 2026 is set at $870. This means that voucher holders could potentially pay more than the current market rate, which is advantageous for landlords looking to maximize their rental income.
In ZIP 58341, where 27.3% of the 2,572 population are renters, the affordability gap is a critical issue. Landlords face stiff competition from properties that offer lower rents to cater to the economic realities of local tenants. However, the presence of voucher holders provides an alternative market segment that can afford higher rents.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers can be a lucrative option. While cash-paying tenants might be limited by the local median income, voucher holders have the financial backing to meet higher rent standards, such as the FMR. This not only helps landlords avoid the pressure of lowering rents but also ensures a more stable and predictable income stream, as voucher programs typically provide timely rent payments.
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.