Location: Wells County, ND | Metro: Eddy County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 58421 in Wells County, North Dakota reveals key insights for landlords and small-portfolio investors.
The first question addresses whether the rent math works. The Fair Market Rent (FMR) for the area is set at $880 for fiscal year 2026, while the current market rent, according to Census ACS data, is $786. This indicates that landlords may need to adjust their rental rates to align with the FMR to ensure they are not undercharging or overcharging compared to what the market dictates. A landlord should aim to meet or slightly exceed the FMR to remain competitive and profitable.
Regarding the affordability of acquisitions, the median home value in ZIP 58421 is $196,643. However, the lack of data on days on market (DOM) and the percentage of homes requiring price cuts suggests limited volatility in the housing market. This stability can be advantageous for investors looking to acquire properties without the risk of prolonged listings or significant price reductions.
The tenant demand in ZIP 58421 is evident from its population of 2,969, with 21.4% of residents being renters. This represents a substantial pool of potential tenants, indicating a viable market for rental properties. Landlords can expect a steady flow of applicants, although the relatively small population means competition among rental units could be intense.
Verdict: ZIP 58421 presents a balanced opportunity for real estate investment. While adjustments to rental pricing may be necessary to match the FMR, the stable housing market and consistent tenant demand offer a solid foundation for profitability. Investors should focus on maintaining competitive rents and ensuring property quality to attract and retain tenants in this small but promising 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.