Location: Mercer County, ND | Metro: Mercer County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The market in ZIP code 58541 presents a dynamic environment where the Federal Market Rent (FMR) stands at $1,030 for the fiscal year 2026. This figure, set by HUD, serves as a benchmark for rental properties eligible under the Section 8 program. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is higher at $1,313. This discrepancy suggests that the local rental market is robust, with demand potentially exceeding supply.
A key indicator of housing pressure in the area is the 13.7% renter share. This percentage indicates a significant portion of residents who are renting rather than owning their homes. Such a high proportion of renters can signal ongoing long-term housing pressure, as it implies a consistent need for rental properties. Landlords and small-portfolio investors should take note of this trend, as it points towards sustained demand for rental units in the area.
Despite the high market rent, the lack of data on price-cut share and days on market (DOM) makes it challenging to pinpoint the exact relationship between supply and demand. However, the fact that market rents exceed the FMR suggests that there is enough demand to support higher rental prices. Investors should also be aware of the potential for increased competition among landlords, as the attractiveness of higher rents might draw more properties into the rental market.
The absence of median home value data further underscores the importance of focusing on the rental sector within ZIP 58541. For those interested in the rental market, the gap between the FMR and market rent offers an opportunity to understand the financial landscape and make informed decisions. The high market rent compared to the FMR indicates that properties in this ZIP code can command premium rates, which is beneficial for investors looking to maximize returns.
In summary, ZIP 58541 is characterized by a strong rental market with a significant renter population, suggesting a continuous demand for rental properties. While specific metrics such as price-cut share and DOM are unavailable, the overall trend points towards a market where demand is likely outpacing supply, making it an attractive location for those considering investment in the rental sector.
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.