Location: Sheridan County, ND | Metro: McHenry County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
19.2% of residents in ZIP code 58723 are renters, indicating a moderate demand for rental properties in the area. The Fair Market Rent (FMR) for ZIP 58723, as of metro fiscal year 2026, is set at $890, which represents the maximum amount a landlord can charge for a Section 8 voucher holder. This figure is critical for landlords looking to participate in the Section 8 program, as it sets the benchmark for rental rates.
The median income for the area stands at $59,615, providing insight into the economic profile of potential tenants. While the median home value and days on market (DOM) for listings are not available, these figures suggest a balanced housing market where neither homeownership nor renting dominates. The lack of data on the percentage of price-cut shares also implies stability, without significant fluctuations in property values.
Investors should note that the $890 FMR aligns closely with the economic reality of the area, given the median income levels. This ensures that the rents charged through the Section 8 program are reasonable and reflective of the local economy. For landlords, participating in Section 8 can offer a steady stream of income, protected by federal subsidies, while maintaining occupancy rates in line with the 19.2% renter share of the population.
The absence of specific market rent data means that landlords must rely on the FMR as a guideline for setting their rental prices. However, given the economic indicators, it's reasonable to assume that the market rent is not significantly higher than the FMR, making the program attractive for both landlords and tenants.
With these numbers in mind, the verdict on Section 8 participation in ZIP 58723 is positive. Landlords can expect a reliable tenant pool and stable income, while avoiding the risks associated with market volatility.
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.