Location: LaMoure County, ND | Metro: Barnes County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58461 stands at $65,375, which places significant constraints on the affordability of housing for renters. The market rate for rentals is currently unavailable, but comparing this to the Fair Market Rent (FMR) set at $950 for the metro area in fiscal year 2026, we can draw some conclusions.
A household earning the median income would find it challenging to cover a market rate rent that exceeds the FMR, especially if the actual market rates are higher. This suggests a notable affordability gap, where the income levels do not align well with the expected rental costs.
The ZIP code has a relatively low percentage of renters at 6.5%, indicating that the majority of residents own their homes. Given a total population of 423, this translates to approximately 27 renters. Such a small number of potential tenants means that landlords must be strategic in attracting and retaining renters, particularly those relying on vouchers.
The FMR of $950 represents a baseline for rental assistance through vouchers, which can be crucial for landlords in an area with limited rental demand. Accepting voucher tenants can ensure steady income, even if the market rate is higher and harder to achieve.
Landlords should consider the voucher strategy as a viable option given the affordability gap and the low number of renters. By accepting vouchers, they can tap into a segment of the market that might otherwise struggle to afford local rents. This approach can help fill vacancies and provide a stable source of income, despite the lower rates compared to what might be possible in a more robust rental 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.