Location: Bismarck, ND | Metro: Bismarck, ND MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58558 in fiscal year 2024 is set at $960. This figure represents the maximum amount a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you'll receive; it's the benchmark used to determine what a voucher holder can pay.
In comparison, the average market rent for the area, according to the Census American Community Survey, is $2,141. This means that the FMR is significantly lower than the typical rental rates, which could impact your decision on whether to participate in the program.
The 16.5% share of renters in the area indicates a moderate demand for rental properties. While not a majority, this percentage suggests there is a reasonable number of potential tenants who might be interested in Section 8 housing. To put this into perspective, if you're looking to acquire a property in this ZIP code, the median home value is around $381,729. This is the cost you'd typically face when purchasing a property for your rental portfolio.
To ensure you're making an informed decision, verify the following before proceeding: the local utility costs and any additional expenses that might exceed the FMR. The Section 8 program also covers utilities up to a certain limit, but if these costs are higher than the allowance, you will need to cover the difference. This is crucial because it directly affects your overall profitability and financial planning.
Participating in the Section 8 program can be a stable choice for landlords and small-portfolio investors, offering consistent income and reduced vacancy rates. However, it requires careful consideration of all associated costs and benefits.
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.