Location: Stark County, ND | Metro: Stark County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The ZIP code 58641, located in Lefor, North Dakota, is characterized by a population of 37 residents, with 20.0% being renters. The median household income stands at $60,625, indicating a moderate economic status among the residents. However, the median home value in this area is notably lower, at $195,600, as reported by Sperling's BestPlaces. This figure contrasts sharply with the national median home value of $338,100, positioning 58641 as an affordable housing market.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 58641 is set at $970 for the fiscal year 2026. Despite the lack of specific market rent data, the FMR provides a benchmark for rental pricing in the area. This suggests that landlords can expect to receive rents close to this figure, adjusted for market conditions.
Given these economic indicators, ZIP 58641 presents an opportunity for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the low median home value makes it easier to find properties that qualify for Section 8 vouchers, ensuring a steady stream of tenants who can afford the rent. On the other hand, hands-on value-add buyers might find potential in the relatively low home values and high appreciation rates, as evidenced by the 9.41% increase in house values over the past year, which is above the national average. This could indicate a growing local economy and rising property values, presenting opportunities for renovation and resale.
In summary, ZIP 58641 is an affordable market with a moderate income level, making it suitable for Section 8 investment. The FMR of $970 aligns well with the potential for rental income, while the low median home value and high appreciation rates offer both passive and active investment strategies.
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.