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)
The ZIP code 58505 is situated in a predominantly owner-occupied area with a population of 22 individuals. Notably, there are no reported renters in this community, which means the ZIP code has a 0.0% rental rate. The lack of renters suggests a strong preference for homeownership among residents. However, the median income and median home value data are not available, which limits our ability to provide a comprehensive financial profile of the area.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 58505 in fiscal year 2024 is set at $960. This figure is crucial for Section 8 investors as it represents the maximum amount that can be charged for a rental unit under the program. Unfortunately, the market rent for the area is also not available, making it difficult to compare the FMR to typical local rental rates.
Given the characteristics of ZIP 58505, it appears to be unsuitable for hands-off voucher operators. The absence of renters and limited population size indicate a low demand for rental properties, particularly those managed through government housing assistance programs. For hands-on value-add buyers, the opportunity may be more promising if they can identify unique ways to attract tenants or add value to the existing real estate. However, the decision should be made with caution due to the incomplete data on median income and home values, which are key indicators of the area's economic health and potential for investment.
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.