Location: Mercer County, ND | Metro: Bismarck, ND MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,580 |
| 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 58545 stands out with its unique data signature. With a population of 3,313 residents, it has a relatively low rental rate at 16.2%, indicating that homeownership is predominant in the area. The median income of $81,641 suggests a comfortable financial situation for most residents, while the median home value of $242,200 indicates a stable housing market.
Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for ZIP 58545 in fiscal year 2024 is set at $1030, which is notably higher than the current market rent of $978 based on Census ACS data. This discrepancy can be advantageous for landlords participating in the Section 8 program, as they receive a slightly higher rent subsidy compared to the actual market rates. However, it also means that tenants with vouchers might find it challenging to secure rental properties if the landlord's expectations exceed the FMR.
The data signature of ZIP 58545 reads as "stable." The slight increase in FMR over the market rent, combined with a moderate rental rate and a solid median income, suggests a balanced environment where both homeowners and renters can thrive without significant transitional pressures. Landlords should consider the benefits of the Section 8 program, including guaranteed rent payments and a steady stream of income, when deciding whether to participate. For small-portfolio investors, this stability could provide a reliable investment opportunity, especially if they are willing to accept the economic terms dictated by the FMR.
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.