Location: Hettinger County, ND | Metro: Adams County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The median income in ZIP code 58562 stands at $62,955, which provides a baseline for assessing rental affordability. At the current market rate of $828 per month, as reported by the Census Bureau's American Community Survey (ACS), a household in this area would spend approximately 16% of their annual income on rent alone. This calculation is based on the assumption that rent is paid monthly, making the annual expenditure $9,936. Given the median income, this represents a significant portion of a household's budget.
Comparatively, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $960 per month. This figure, which is higher than the current market rate, reflects the government's assessment of what constitutes a reasonable rent for the area. However, with the median income being lower than the FMR suggests, there is a notable affordability gap for renters in ZIP 58562. The difference between the market rate and the FMR highlights that while some households might struggle with the market rate, they could find the voucher-supported FMR more manageable.
With only 10.6% of the population being renters and a total population of 400, the competition among landlords is relatively low. This means that landlords in ZIP 58562 have a smaller pool of potential tenants to attract, which can impact both the strategy and the success rate of their rental properties. The limited number of renters also suggests that there is a strong preference for homeownership in the area, which could be influenced by various factors including the cost of living and the availability of affordable housing options.
The takeaway for landlords considering whether to accept Section 8 vouchers versus relying solely on cash-paying tenants is clear. While the market rate is lower than the voucher payment standard, the affordability gap for renters could make voucher tenants a more stable option. Accepting vouchers could help landlords fill vacancies more quickly and maintain steady cash flow, given the challenging rental market conditions. However, landlords should also consider the administrative requirements and potential delays associated with voucher programs when deciding on their rental strategy.
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.