Location: Wells County, ND | Metro: Eddy County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 58356 is located in a rural area with a modest population of 1,627 residents. Approximately 31.0% of these residents are renters, indicating a niche but present rental market. The median household income in this area is $51,042, which is reflective of the community's middle-class economic standing. The median home value stands at $115,889, suggesting an affordable housing market where properties are accessible to a wide range of buyers.
When it comes to the rent economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $920. However, the actual market rent, according to the Census American Community Survey (ACS), is significantly lower at $595 per month. This discrepancy between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors interested in participating in the Section 8 Housing Choice Voucher program.
Given the economic profile and the rental dynamics of ZIP 58356, it is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the lower market rent compared to the FMR means that there is a potential for higher rents when using vouchers, thus increasing cash flow without requiring significant property management efforts. On the other hand, value-add buyers can leverage the disparity by improving properties and charging closer to the FMR, thereby capturing a larger portion of the rental income while still remaining attractive to tenants who qualify for assistance through the Section 8 program.
In summary, ZIP 58356 offers a balanced environment for real estate investment, particularly in the context of Section 8. With a manageable number of renters and an income level that aligns with the needs of subsidized housing, it provides a stable foundation for either passive income generation or active property improvement strategies.
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.