Location: Nelson County, ND | Metro: Nelson County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The ZIP code 58361 stands out due to its unique demographic and economic characteristics. With only 220 residents, it has a very low population density, making it one of the least populated ZIP codes in the country. Additionally, only 7.5% of the residents rent their homes, indicating that the majority of the population owns their property. The median income for this area is $131,106, which is notably high, suggesting a relatively affluent community. However, the median home value is listed as N/A, which could imply that there is either insufficient data or a significant variation in housing values that makes it difficult to provide an accurate figure.
Moving onto the voucher economics, the Fair Market Rent (FMR) for ZIP 58361 is set at $1,080 for the fiscal year 2026, whereas the current market rent, based on Census ACS data, is $817. This discrepancy between the FMR and the actual market rent presents an opportunity for landlords and small-portfolio investors. Landlords can potentially receive higher rents through Section 8 vouchers compared to the current market rates, thereby increasing their rental income. For small-portfolio investors, this ZIP code might be attractive because the relatively high median income suggests a stable tenant pool who are likely to fulfill their rental obligations.
Given the data signature, ZIP 58361 reads as predominantly stable. The high median income and low percentage of renters indicate a community where homeownership is the norm. This stability is further supported by the fact that the FMR is significantly higher than the current market rent, providing a buffer for landlords and investors against potential market fluctuations. However, the lack of a median home value figure does introduce some uncertainty regarding the overall housing market dynamics in this area. Despite this, the current trend points towards a stable environment for those interested in Section 8 properties.
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.