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)
With a Fair Market Rent (FMR) of $950 for ZIP code 58501 in Bismarck, ND, landlords can expect to align their rental pricing with federal guidelines. The Zillow Observed Rent Index (ZORI) stands at $1,009, indicating that market rents slightly exceed the FMR, providing a modest cushion for property owners. The median home value in this area is $297,781, suggesting a stable housing market where investments can hold steady value. Renter share in the region is 37.3%, reflecting a significant portion of the population that relies on rental properties, which bodes well for demand stability. Median income in the area is $68,755, offering insight into the financial capacity of potential tenants. Additionally, the days on market (DOM) average is 24 days, demonstrating a brisk pace for property turnover, which can be beneficial for landlords looking to minimize vacancy periods. The price-cut share is only 0.2%, indicating that properties generally sell at or near asking price, which is reassuring for those considering long-term investments in the area. Given these metrics, the verdict on Section 8 participation in ZIP 58501 is positive, as it aligns with fair market values while providing a reliable tenant base.
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.