Location: Wells County, ND | Metro: Wells County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
ZIP code 58438, located within the Wells County, ND metro, presents an interesting profile when compared to typical ZIP codes in the area. The Fair Market Rent (FMR) for ZIP 58438 is set at $910 for the fiscal year 2026, which is notably higher than the market rent of $547 observed in the same ZIP. This discrepancy suggests that ZIP 58438 could be a prime location for landlords participating in the Section 8 program due to the higher subsidy rates relative to actual rental costs.
The absence of home value data for ZIP 58438 indicates that it might not have a significant number of single-family homes or that the data is less reliable in this rural setting. This characteristic can make the ZIP code particularly attractive for Section 8 tenants who may prefer apartments or other multi-unit housing options.
A key indicator of potential demand is the 15.8% renter share, which is above the average for Wells County, ND. A higher percentage of renters often correlates with a greater need for affordable housing solutions, making ZIP 58438 a likely candidate for a value pocket within the metro area. Given the combination of a lower market rent and a higher FMR, landlords can expect to receive subsidies that exceed the local rental market rates, thereby ensuring profitability while providing affordable housing.
In summary, ZIP code 58438 stands out as a value pocket within the Wells County, ND metro due to its higher FMR compared to market rents and its elevated renter share. These factors make it a strategic location for small-portfolio investors looking to capitalize on the Section 8 program's financial benefits.
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.