Location: Steele County, ND | Metro: Griggs County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,300 |
| 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)
A household in ZIP code 58425, with a median income of $59,773, faces significant challenges in affording the market rate rent of $578. However, when considering the Federal Market Rent (FMR) standard set at $870 for fiscal year 2026, it becomes evident that the area's rental market is considerably below the voucher payment threshold.
The disparity between the median income and the market rate rent suggests that many residents might struggle to cover their housing costs without assistance. Given that only 20.1% of the population are renters and the total population stands at 1,384, the pool of potential tenants is relatively small. This limited demand means landlords must be strategic in pricing their units to attract and retain tenants.
The affordability gap highlights a competitive landscape for landlords. Offering rents closer to the market rate of $578 could make properties more accessible to local renters but would also limit profit margins. On the other hand, accepting voucher payments at the FMR level of $870 could provide a more stable income stream, though it comes with the condition of meeting certain standards and regulations.
For landlords considering their strategy, the key takeaway is that while the market rate offers lower risk, it may not maximize returns given the higher voucher payment rates. Accepting vouchers can ensure a steady tenant flow, especially if market rates become increasingly unaffordable for the majority of the population. Landlords should weigh the benefits of guaranteed income against the administrative requirements of voucher programs.
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.