Location: Emmons County, ND | Metro: Emmons County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 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)
A skeptical investor considering ZIP 58573 might have several concerns regarding the feasibility of investing in the area. Here are some common objections along with the data to address them:
Will FMR $870 (metro FY 2026) cover the mortgage on a home?
The median home value in ZIP 58573 is $102,200, which is significantly lower than the national median of $260,982. With a median household income of $59,432, the affordability ratio of home prices to income is 1.7x, well below the generally accepted threshold of 4x. Therefore, it is reasonable to expect that the Fair Market Rent (FMR) of $870 can cover the mortgage on a home in this ZIP code, given the relatively low home values.
Is there enough renter demand at 22.1%?
The renter demand in ZIP 58573 is at 22.1%, indicating that nearly one in five households are renters. This percentage suggests a moderate level of demand. However, the median rent of $541 is considerably lower than both the state average of $863 and the national average of $1,090. This indicates that rental properties could be priced competitively, potentially attracting more renters despite the lower overall percentage.
Will vouchers keep pace with $563 market rents?
The HUD Fair Market Rent (FMR) for ZIP 58573 is set at $870, which is higher than the market rent of $563. While the FMR is designed to ensure that voucher holders can find affordable housing, the gap between FMR and market rent suggests that vouchers should adequately cover the cost of renting in this ZIP code. However, it is important to note that the actual utilization rate of vouchers is not provided in the data, so there is no guarantee that all voucher holders will be able to secure housing within their budget.
In summary, while there are valid concerns about the viability of investing in ZIP 58573, the data indicates that the relatively low home values and competitive rental prices make it feasible for landlords and small-portfolio investors to consider this area. The FMR should be sufficient to cover mortgages, and the voucher system appears capable of keeping pace with market rents. Nonetheless, the lack of specific data on voucher utilization leaves some uncertainty regarding long-term financial stability.
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.