Location: Griggs County, ND | Metro: Griggs County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 58416 is home to 384 residents, with 28.4% of them being renters. This indicates that while there is a significant portion of the population renting, it is not a renter-heavy area. The median household income in this ZIP code is $58,438, which provides insight into the economic conditions and the potential demand for rental properties.
A typical market rent in ZIP 58416 is $408 per month. To put this into perspective, the rent constitutes approximately 7.7% of the median household income. This relatively low rent-to-income ratio suggests that most residents can afford the average rent without financial strain, indicating that the rental market is likely stable and not overly reliant on government assistance such as Section 8 vouchers.
However, the Fair Market Rent (FMR) set by HUD for the metro area for fiscal year 2026 is $1,000. This figure is significantly higher than the actual market rent, implying that there might be a discrepancy between the federal guidelines and the local rental market. Given the lower actual rents compared to the FMR, landlords in ZIP 58416 could potentially attract tenants who qualify for Section 8 vouchers, although the local demand for these vouchers may not be as high as in areas where market rents approach or exceed the FMR.
In summary, ZIP 58416 is not dominated by homeowners but has a notable number of renters. While the area does have some demand for Section 8 vouchers, the overall rental market is affordable relative to local incomes. Landlords should expect tenants who are generally capable of paying their own rent but may also include those utilizing Section 8 vouchers due to the lower market rents. The combination of these factors creates an environment where landlords can reasonably anticipate a mix of independent renters and voucher holders, with the latter benefiting from the disparity between actual rents and the FMR.
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.