Location: Ward County, ND | Metro: Ward County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,760 |
| 5 Bedrooms | $2,042 |
| 6 Bedrooms | $2,287 |
| 7 Bedrooms | $2,470 |
| 8 Bedrooms | $2,594 |
U.S. Census Bureau data (2024)
The dynamics of the ZIP code 58703, located in Minot, North Dakota, reveal a market in motion, characterized by specific indicators that paint a picture of current conditions and underlying pressures.
A comparison between the Fair Market Rent (FMR) at $1,160 and the market rent, measured by Zillow's Observed Rent Index (ZORI) at $1,023, suggests that rental values are slightly below the federally established benchmark. This could indicate either a local market that is adjusting to national standards or a region where rents have yet to catch up with broader economic assessments.
The 0.2% price-cut share, alongside a 12-day Days on Market (DOM), points towards a market where properties are generally priced appropriately and sell quickly without significant discounts. The median home value of $264,142 reflects a stable housing market, neither experiencing rapid inflation nor deflation.
The 39.0% renter share highlights a substantial portion of the population that prefers or requires renting over owning. This high percentage can be indicative of long-term housing pressure, as it suggests a continuous demand for rental properties. For landlords and small-portfolio investors, this means a steady stream of potential tenants, though it also implies competition among property owners to attract renters.
In summary, the snapshot of ZIP 58703 indicates a balanced market where supply meets demand, but with a notable emphasis on rental housing. The relatively low price-cut share and quick sales times suggest that the housing market is robust and efficient. The high renter share underscores a persistent need for rental properties, which is likely to continue exerting pressure on the housing landscape.
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.