Location: McLean County, ND | Metro: McLean County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
The ZIP code 58577, encompassing Washburn, ND, stands out within McLean County due to its relatively low population of 1,954 residents, where 25.9% of the households rent their homes. The median income in this area is $74,471, which is higher than the national average, indicating a prosperous local economy. However, the median home value at $241,746 is notably lower than many metropolitan areas, suggesting that Washburn remains a more affordable place to live.
In terms of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $890. This is significantly above the current market rent of $829, based on Census ACS data. Landlords and small-portfolio investors should take note that the higher FMR can provide a financial cushion when renting to tenants with Section 8 vouchers, ensuring they receive rental rates closer to the fair market value rather than the current market rate.
The data signature for ZIP 58577 suggests a stable environment. With a steady median income and a reasonable percentage of renters, the area shows little indication of rapid change. The disparity between the market rent and the FMR also points towards a stable investment opportunity for those interested in Section 8 properties, as it ensures a consistent income stream without the risk of fluctuating market conditions. For investors looking to enter the Section 8 market in a predictable and stable setting, Washburn offers an attractive option.
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.