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 58521 stands out due to its unique mix of economic indicators. With only 722 residents, it has a rental rate of 16.0%, which is notably lower than the national average. The median income here is $135,456, indicating a relatively affluent community. However, the median home value of $502,239 suggests that homeownership is still a significant financial commitment.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 58521 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can receive through the voucher program for a unit in this area. Given the lack of specific market rent data, the FMR serves as a critical benchmark for understanding the rental landscape within the ZIP code.
The combination of a high median income and a low percentage of renters points towards a stable housing market. Residents have the financial means to afford higher costs associated with homeownership, and the limited number of renters indicates a strong preference for owning property over leasing. This stability is further reinforced by the absence of fluctuating market rent data, suggesting that rental prices remain consistent.
In conclusion, the data signature for ZIP 58521 reads as stable, with a strong bias towards homeownership among its residents. Landlords should consider the FMR of $960 when setting rental rates for properties participating in the Section 8 program. While the rental market is not robust, the high median income of the area supports the viability of the program for those who do participate.
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.