Location: McLean County, ND | Metro: Bismarck, ND MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,480 |
| 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 58579 is a small, tight-knit community with a population of just over 1,000 residents. Only 15.0% of the inhabitants are renters, indicating a predominantly owner-occupied area. The median household income stands at $93,750, reflecting a middle-class community where most residents can afford their own homes. Median home values in the area are also notable, sitting at $250,918, suggesting a stable housing market.
When it comes to rental economics, the Fair Market Rent (FMR) for ZIP 58579 for fiscal year 2024 is set at $960. In contrast, the average market rent based on Census ACS data is lower at $841. This discrepancy means that landlords participating in the Section 8 program could potentially receive higher rents compared to the local market rate, providing an incentive for those willing to accept vouchers.
Given these factors, ZIP 58579 would suit both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the higher FMR relative to market rent ensures steady, government-backed income without the need for extensive property management. On the other hand, for hands-on investors looking to add value, the relatively low rental penetration and stable home values offer opportunities to improve properties and increase their appeal, potentially capturing a larger share of the rental market or transitioning into homeownership sales.
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.