Location: Griggs County, ND | Metro: Barnes County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58429 stands at $70,972. However, without the specific market rate for rentals, it's challenging to provide a direct comparison to the household's ability to afford housing. What we do know is that the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $1,110. This figure represents the voucher payment standard that tenants using Section 8 vouchers can expect.
Given the relatively low percentage of renters—only 7.7%—and a small population of 319, the competition among landlords in this ZIP code is likely minimal. The limited number of rental properties means that landlords have a smaller pool of potential tenants to attract, but also suggests that there might be less pressure to lower rents to compete with other property owners.
The affordability gap between the median income and the FMR indicates that households in ZIP code 58429 could potentially afford market-rate rents if they exist above the FMR. However, with only 7.7% of the population being renters, it's possible that many residents own their homes, reducing the demand for rental properties overall.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the decision should hinge on the local rental market dynamics. Given the voucher payment standard of $1,110, landlords must assess if this amount meets their financial needs. If market rates are higher, landlords might lean towards cash-paying tenants who can afford the full rent. Conversely, if the rental market is sluggish, accepting vouchers could ensure steady, government-backed income.
The takeaway is that while the voucher payment of $1,110 provides a stable source of income, landlords should consider the size of the rental market and the potential for finding cash-paying tenants willing to pay more. In ZIP 58429, the small number of renters and limited population suggest that landlords have the flexibility to choose their tenant strategy based on their individual financial goals and the local demand for rental properties.
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.