Location: Stark County, ND | Metro: Dunn County, ND
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,040 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,700 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,040 | $149,473 | 0.7% | D |
| 2BR | $1,230 | $216,859 | 0.57% | F |
| 3BR | $1,700 | $294,458 | 0.58% | F |
| 4BR | $2,030 | $368,983 | 0.55% | F |
| 5BR | $2,355 | $436,923 | 0.54% | F |
U.S. Census Bureau data (2024)
Dickinson, ND, encompassing ZIP code 58601, is a neighborhood with a total population of 29,916 residents. Within this area, 35.4% of the inhabitants are renters, indicating a significant portion of the community relies on rental housing. The median household income stands at $85,821, which suggests a relatively affluent demographic. The median home value in the area is $319,283, reflecting the overall economic health and stability of the region.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected to be $1,060. In contrast, the actual market rent, as measured by Zillow's Observed Rental Index (ZORI), is $1,231. This discrepancy between the FMR and the market rent highlights a potential challenge for landlords participating in the Section 8 program, as they might need to adjust their expectations regarding rental income.
The practical implications of these figures for investors hinge on their investment strategy. For hands-off voucher operators, the lower FMR might present an obstacle due to the limited income potential compared to market rates. However, the stable median income and home values suggest a reliable tenant pool that can help mitigate risks associated with the voucher program. On the other hand, for hands-on value-add buyers, the higher market rent provides an opportunity to invest in properties that can be improved and rented out above the FMR, capturing the difference between the government subsidy and the actual market demand. This approach requires active property management but offers a path to higher returns through strategic improvements and market positioning.
In summary, Dickinson, ND's ZIP 58601 presents a balanced environment for both types of investors. Hands-off operators should focus on securing long-term, stable tenancies, while value-add buyers have the potential to leverage market dynamics for greater financial gain.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.