Section 8 Fair Market Rent (FMR) for ZIP 58381 - 2027
Location: Ramsey County, ND | Metro: Benson County, ND
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$90,500
To determine if a landlord should buy in ZIP code 58381 for Section 8 purposes, follow this decision tree:
- Does the Fair Market Rent (FMR) of $930 cover the debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not invest in this ZIP code for Section 8 tenants, as the rental income will not sufficiently cover your mortgage payments and other expenses.
- Is the market rent above, at, or below the FMR of $930?
- If above: The area has strong rental demand, which can be advantageous. However, ensure that you can still attract Section 8 tenants despite higher market rents.
- If at: This indicates a balanced market where the FMR aligns with what tenants are willing to pay. It's suitable for Section 8 investment, but monitor local trends closely.
- If below: There may be a risk of lower-than-average rental income, even with Section 8 subsidies. Consider the potential for vacancy and reduced profitability.
- Are 7.1% of residents renting and an average of N/A days on the market sufficient to meet demand?
- If yes: The combination of a moderate rental population and quick turnover suggests a healthy market. Provided the previous conditions are met, this ZIP code could be a viable investment for Section 8 properties.
- If no: Insufficient demand exists. With only 7.1% of residents renting and an unclear number of days on the market, there's a risk of prolonged vacancies and low occupancy rates.
Note: The lack of specific data for market rent and days on the market makes some decisions dependent on further investigation into local real estate listings and market conditions.
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.