Location: Ransom County, ND | Metro: LaMoure County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,160 |
| 5 Bedrooms | $2,506 |
| 6 Bedrooms | $2,807 |
| 7 Bedrooms | $3,032 |
| 8 Bedrooms | $3,184 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58490 stands at $115,625, which provides a strong financial base for households. However, when it comes to affording the market rate rent of $1,102, the situation becomes more nuanced. This figure represents approximately 11% of the median income, which is generally considered affordable under most standards, but it still leaves a significant portion of the income allocated towards housing.
Comparatively, the Fair Market Rent (FMR) for ZIP 58490 set at $1,110 for fiscal year 2026 aligns closely with the market rate. This indicates that the Housing Choice Voucher Program aims to cover rents that are reflective of the local market conditions, ensuring that voucher holders can find suitable housing without being significantly disadvantaged.
With only 14.7% of the population renting, competition among landlords is relatively low. The total population of 265 suggests a small market size, meaning landlords must be particularly selective and strategic in their approach to attract tenants. Given the close alignment between the market rate and the FMR, landlords can expect similar rental incomes whether they choose to accept vouchers or seek cash-paying tenants.
The takeaway for landlords considering voucher versus cash-pay strategies is that both options present viable pathways to achieving stable rental incomes. Accepting vouchers can ensure steady occupancy rates due to the guaranteed income, whereas relying on cash-paying tenants might offer slightly higher flexibility in terms of rent adjustments and tenant selection criteria. However, given the small number of renters, landlords should be prepared to offer competitive amenities and maintenance to attract and retain tenants regardless of payment method.
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.