Location: Bismarck, ND | Metro: Bismarck, ND MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,480 |
| 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)
ZIP code 58477, located within the Bismarck, ND MSA, presents an interesting profile compared to other ZIP codes in the metro area. The Fair Market Rent (FMR) for ZIP 58477 is set at $960 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors as it indicates the maximum rental amount that can be charged to tenants receiving Section 8 housing assistance.
While specific market rent and home value data are not available for ZIP 58477, we can make some inferences based on the FMR and the 10.0% renter share. Typically, ZIP codes with a higher percentage of renters might indicate areas where there is a greater demand for affordable housing options. In the context of the Bismarck, ND MSA, a 10.0% renter share could suggest that ZIP 58477 leans towards being a mid-tier neighborhood. However, the absence of market rent and home value data makes it challenging to definitively categorize it as either a value pocket or a premium sub-market.
The FMR of $960 can be used as a benchmark to gauge affordability within the ZIP code. If the actual market rents are lower than this figure, it could imply that 58477 is a more affordable area, potentially attracting a mix of Section 8 participants and other low-income renters. Conversely, if market rents are closer to or exceed the FMR, it would align more closely with mid-tier or possibly premium sub-markets, depending on the overall economic conditions and housing demand in the Bismarck, ND MSA.
Landlords and investors should pay close attention to the FMR when setting rental prices for properties eligible under the Section 8 program. It ensures compliance with HUD regulations while also providing a guideline for pricing in a competitive market. Given the limited data, further research into the local housing market trends and rental dynamics within the Bismarck, ND MSA would be beneficial to fully understand the positioning of ZIP 58477.
To summarize, ZIP 58477 appears to be a mid-tier neighborhood within the Bismarck, ND MSA, based on the 10.0% renter share and the FMR of $960. However, without comprehensive market rent and home value data, definitive classification remains speculative. Investors should leverage the FMR to ensure their properties remain attractive to potential tenants, including those utilizing Section 8 vouchers.
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.