Location: Grant County, 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 Fair Market Rent (FMR) for ZIP code 58520 in fiscal year 2024 is set at $860. This figure represents the payment standard used by the Housing Choice Voucher program, commonly known as Section 8. It's important to note that this is not the rent you'll charge your tenants; it's the maximum amount the government will pay on behalf of eligible low-income renters.
While there is no specific local median rent provided for comparison, the FMR serves as a benchmark for landlords participating in the Section 8 program. The FMR is designed to cover a broad range of housing types and conditions, ensuring that rents are affordable yet sufficient to maintain decent housing quality.
The 6.7% renter share indicates that a significant portion of the population in ZIP 58520 relies on rental housing. This suggests a stable demand for rentals, particularly those that qualify under the Section 8 program. However, since the local median income is not specified, it's challenging to gauge the exact economic context of the area, which can influence the number of potential tenants who might apply for vouchers.
To determine if a Section 8 rental makes financial sense, you must ensure that your property meets the required standards set by the program. These include basic safety and habitability criteria such as pest control, heating, and electrical systems. The government aims to pay 70-80% of the market rent, so landlords should expect to collect the remaining 20-30% directly from tenants.
A clear action step before deciding to participate in the Section 8 program is to verify your property's compliance with the housing quality standards. This involves conducting a thorough inspection to ensure all aspects meet the minimum requirements. Once verified, landlords can proceed with confidence, knowing their investment aligns with the program's expectations.
In summary, the $860 FMR for ZIP 58520 provides a solid foundation for understanding the financial landscape of Section 8 rentals. With a 6.7% renter share, demand is likely to be steady, making it a viable option for those looking to enter the rental market. Ensure your property meets the necessary standards to avoid any complications once you're part of the program.
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.