Location: Stutsman County, ND | Metro: Stutsman County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 58420 is situated in a rural area of North Dakota, specifically encompassing parts of the city of West Fargo and surrounding communities. With a total population of only 449 residents, it is a sparsely populated region where only 6.3% of the population are renters. This indicates that the majority of the residents own their homes, suggesting a community primarily composed of homeowners rather than tenants. The median household income in this area stands at a robust $114,583, which is significantly higher than the national average, pointing towards a relatively affluent demographic.
Moving into the economic specifics of rental properties, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $870. However, specific market rent data for ZIP 58420 is currently unavailable, indicating a lack of significant rental activity in this area. Given the high median income and low percentage of renters, it is likely that the rental market is limited and possibly skewed towards higher-end units.
In terms of investment suitability, ZIP 58420 would be a challenging location for a hands-off voucher operator due to the scarcity of rental properties and the potential difficulty in finding tenants who qualify for the Section 8 program. The voucher system typically targets areas with a higher concentration of lower-income households, which is not the case here. On the other hand, for a hands-on value-add buyer looking to capitalize on the high median income and possibly convert underutilized spaces into rental units, there could be opportunities. However, these opportunities would require a detailed understanding of the local housing market and a proactive approach to attracting tenants.
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.