Section 8 Fair Market Rent (FMR) for ZIP 58533 - 2027

Location: Grant County, ND | Metro: Grant County, ND

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$780
2 Bedrooms	$1,010
3 Bedrooms	$1,410
4 Bedrooms	$1,700
5 Bedrooms	$1,972
6 Bedrooms	$2,209
7 Bedrooms	$2,386
8 Bedrooms	$2,505

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

830

Median Household Income

$36,125

Housing Units

578

Renter Percentage

23.2%

Occupancy Rate

72.3%

Renter Occupied

When considering whether to invest in ZIP code 58533 for Section 8 properties, follow this decision tree based on the data available.

1) Does the Fair Market Rent (FMR) of $870 cover the debt service on a property?

No: The FMR does not clear the debt service, making it financially unfeasible to invest in this area strictly for Section 8 tenants.
Yes: Proceed to the next question.

2) How does the market rent of $650 compare to the FMR?

Market rent is below FMR: This suggests that there might be an opportunity to increase rental income by aligning with the FMR, potentially attracting both Section 8 and non-Section 8 tenants.
Market rent is equal to or above FMR: It indicates that the rental rates are already competitive with the FMR, possibly reducing the appeal for Section 8 tenants who may only pay up to the FMR.

3) Is the combination of 23.2% renters and N/A-day Days on Market (DOM) sufficient to meet demand?

It depends: With 23.2% of residents being renters, there is some demand for rental properties. However, without knowing the DOM figure, it's unclear how quickly units are rented. A low DOM would suggest strong demand, whereas a high DOM could indicate challenges in finding tenants. Additionally, consider the local vacancy rate and the number of Section 8 vouchers available to understand the full scope of demand.

In conclusion, if the FMR of $870 can cover your debt service and the market rent of $650 is below the FMR, then there is potential for investment in ZIP 58533. However, the success of such an investment hinges on the demand for rentals, which is influenced by the percentage of renters and the speed at which properties are rented out. Analyze these factors carefully before making a decision.

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.