Section 8 Fair Market Rent (FMR) for ZIP 58484 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 58484, located in North Dakota, offers a unique blend of rural tranquility and economic stability, driven largely by local industries such as agriculture and energy. This area is particularly relevant for Section 8 real-estate analysts due to its significant rental population and the presence of federal housing programs.

• The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,010. This figure represents the maximum amount that landlords can charge for a two-bedroom apartment under the Section 8 program, ensuring a stable income stream for properties participating in this program.
• The median home value is currently not available, which suggests that the housing market may be less active compared to other areas, but this also means there's potential for growth without the burden of high property values.
• Renters make up 34.1% of the local population, indicating a substantial demand for rental properties. Landlords and investors should focus on creating affordable yet quality rental units to meet this need.
• The median income in the area is $170,500, which is significantly higher than the national average. This robust income level supports the ability of residents to afford higher rents and potentially higher utility costs, reducing the risk of tenant default.
• The days on market (DOM) is not available, suggesting that properties in this area either sell quickly or have a less liquid market. However, the strong income levels imply that well-priced properties will likely attract buyers swiftly.
• The absence of specific market rent data means that landlords must rely on local knowledge and the FMR to set competitive rates. Given the high median income, setting slightly above FMR could still be viable if the property offers desirable amenities or is in a sought-after location.

Investors in ZIP 58484 should leverage the strong local economy and the high median income to offer rental properties that cater to both Section 8 participants and market-rate tenants. The significant rental population ensures a steady demand, while the robust income levels provide security against defaults. With the FMR at $1,010, landlords can secure predictable income through the Section 8 program, but there's also room to explore market-rate rentals for those willing to invest in higher-quality 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.