Location: Ramsey County, ND | Metro: Benson County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58380 stands at $67,083, which places significant constraints on what a typical household can afford for housing. The market rate for rent, according to the Census ACS, is $782 per month. This means that even at the median income level, households would struggle to allocate a substantial portion of their earnings towards rent without compromising other essential expenses.
Comparatively, the Fair Market Rent (FMR) standard for ZIP 58380 set at $920 per month for the fiscal year 2026 is higher than the current market rate. This discrepancy highlights the financial challenge faced by renters who might rely on Section 8 vouchers to cover their living expenses. The voucher system aims to bridge the gap between what renters can afford and the actual cost of housing, but in this case, it exceeds both the median income and the current market rate.
With 33.5% of the 423 population being renters, there is a notable segment of the community seeking affordable housing options. However, the affordability gap suggests that landlords may face competition from properties that offer lower rents or accept Section 8 vouchers, which pay closer to the FMR. Given the high voucher payment standard relative to median income, landlords should be prepared to balance the benefits of guaranteed rental income from voucher holders against the potential for higher market rents from cash-paying tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: while accepting Section 8 vouchers can provide steady and government-backed rental payments, the higher FMR compared to the median income and market rates might limit the pool of eligible tenants. Landlords must weigh the stability of voucher payments against the risk of vacancy rates and the possibility of attracting more financially capable cash-paying tenants willing to pay the market rate of $782 or potentially higher. In ZIP 58380, focusing on a mix of both strategies could optimize occupancy and income, catering to the diverse needs of the local rental market.
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.