Location: Slope County, ND | Metro: Bowman County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 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 58623 is located in a rural setting with a population of 1,953 residents. The area has a relatively low percentage of renters at 17.6%, indicating that homeownership is prevalent among the local populace. With a median household income of $64,487, the community reflects a modest yet comfortable living standard for its inhabitants. The median home value stands at $192,164, which suggests that property ownership is accessible to many residents.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $870. This figure contrasts with the current market rent of $722, as reported by the Census ACS. The discrepancy between the FMR and the actual market rent indicates a potential opportunity for landlords who can offer properties at or near the FMR rate to attract Section 8 tenants. Given the modest income levels and the accessibility of homeownership, the demand for affordable rentals could be significant, especially for those relying on government assistance.
When considering whether ZIP 58623 fits a hands-off voucher operator or a hands-on value-add buyer, the data points toward a mixed strategy. For hands-off operators, the lower market rent compared to the FMR means that there is a niche for properties priced closer to the FMR, which would cater directly to Section 8 tenants. However, the relatively low percentage of renters might limit the pool of potential tenants. On the other hand, hands-on value-add buyers could find opportunities in improving existing rental properties to meet the higher FMR standards, thereby attracting a broader range of tenants including those with vouchers. This approach would require an investment in property upgrades but could yield better returns given the modest competition in the rental market.
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.