Location: McKenzie County, ND | Metro: Billings County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
ZIP code 58640, with a population of 1,369, is characterized by a modest rental presence. Only 21.4% of residents are renters, indicating that this area is primarily dominated by homeowners. This statistic suggests that the demand for Section 8 vouchers is likely to be less intense compared to areas with higher percentages of renters.
The median household income in ZIP 58640 stands at $100,688, which is significantly higher than the typical market rent of $869. To put this into perspective, the average rent consumes approximately 7.6% of the median household income, making it relatively affordable for most residents. However, when compared to the Fair Market Rent (FMR) of $1,220 for the fiscal year 2026, the actual market rent is lower by about $351. This difference highlights that the current rental market in 58640 is below the FMR threshold, suggesting a potentially competitive environment for landlords seeking to attract voucher holders.
Landlords and small-portfolio investors in ZIP 58640 can expect tenants who are likely to have stable employment and higher incomes relative to their rent payments. While there will be some Section 8 voucher holders, they will represent a smaller portion of the total rental market due to the overall low percentage of renters. The majority of tenants will be individuals or families who can afford the rent without assistance, given the high median income levels.
To conclude, ZIP 58640 is not a renter-heavy area with deep voucher demand. Instead, it is a homeowner-dominated ZIP where typical rents consume a small fraction of the median income. Landlords should prepare for a tenant pool that generally has the financial means to cover rent independently, although there will still be a segment of the population utilizing housing vouchers.
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.