Section 8 Fair Market Rent (FMR) for ZIP 58643 - 2027

Location: Slope County, ND | Metro: Bowman County, ND

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$840
1 Bedroom	$840
2 Bedrooms	$1,070
3 Bedrooms	$1,490
4 Bedrooms	$1,790
5 Bedrooms	$2,076
6 Bedrooms	$2,325
7 Bedrooms	$2,511
8 Bedrooms	$2,637

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

119

Median Household Income

$62,188

Housing Units

Renter Percentage

26.8%

Occupancy Rate

74.7%

Renter Occupied

The area covered by ZIP code 58643, located in North Dakota, is characterized by a modest-sized rental market with opportunities for both landlords and small-portfolio investors. The region offers insights into the dynamics between federal housing assistance and local rental costs, providing a balanced environment for investment.

The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, which represents the maximum amount that a household receiving federal housing assistance can pay for rent.
The average market rent, as per the Census American Community Survey (ACS), stands at $513, indicating that the actual rents charged are below the federally determined FMR, offering potential for higher returns on investment.
The median home value is not available for this specific ZIP code, suggesting a focus on rental properties rather than owner-occupied homes for investors looking to enter this market.
Renters make up 26.8% of the population, reflecting a significant portion of the community that relies on rental housing, which can be a stable source of income for landlords.
The median income in the area is $62,188, providing context for the economic conditions under which tenants operate and their ability to afford housing costs.

Synthesizing these points, ZIP code 58643 presents a viable market for real estate investments, particularly in rental properties. With market rents significantly lower than the FMR, there's potential to increase rental rates while still remaining competitive. The substantial renter share indicates a steady demand for rental units, and the median income suggests that tenants have the financial capability to meet higher rent levels without straining their budgets. However, the absence of median home values and days on market data means investors should conduct thorough due diligence on property-specific details before making investment decisions. Overall, the area offers a promising opportunity for those willing to invest in rental properties, especially given the current gap between market rents and the federally supported FMR.

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.