Location: Slope County, ND | Metro: Billings County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 58620 presents several challenges for potential Section 8 landlords. Firstly, the tenant turnover rate is concerning, especially when comparing the market rent which is currently unavailable to the $930 Fair Market Rent (FMR) for fiscal year 2026 in the metropolitan area. This discrepancy can lead to difficulties in maintaining steady occupancy, particularly if the actual market rents are significantly higher.
Vacancy exposure is another significant risk due to the unknown number of days on the market (DOM). In areas where homes remain unsold or unrented for extended periods, the likelihood of encountering vacant units increases, leading to potential financial losses for landlords. Furthermore, the deferred maintenance exposure is a critical issue, considering the lack of data on the typical home value in the area. With a median income of $76,875, tenants might struggle to afford necessary repairs or improvements, leaving landlords responsible for maintaining property standards.
Despite these risks, the high concentration of renters—comprising 11.1% of the population—indicates strong demand for rental properties, which typically translates into a robust interest in Section 8 vouchers. This high renter density can mitigate some of the risks associated with vacancy and turnover, as there is likely to be a consistent pool of qualified tenants seeking housing assistance.
In summary, the investment risk for a first-time Section 8 landlord in ZIP 58620 is moderate.
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.