Location: Ward County, ND | Metro: Renville 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 median income in ZIP code 58725 stands at $74,792, indicating a modest financial base for most households. However, when it comes to housing costs, the reality becomes stark. The market rate for renting, according to Census ACS data, is $1,000 per month. This amount represents a significant portion of the average household’s budget, especially considering the limited number of renters—only 3.8% of the total 419 population.
To put this into perspective, let’s consider the financial strain on a household earning the median income. At $1,000 per month, the annual cost of renting would be $12,000, which is nearly 16% of the median income. This leaves little room for other expenses such as utilities, food, and healthcare, making it challenging for residents to afford market-rate rents without assistance.
Comparatively, the Fair Market Rent (FMR) set for metro areas in fiscal year 2026 is $1,130. This figure is higher than the current market rate, suggesting that the government aims to cover the actual cost of renting in this area. However, this also highlights a significant affordability gap for households earning the median income. They would struggle even more to meet the FMR without additional financial support.
The low percentage of renters in ZIP 58725 means that there is intense competition among landlords for the limited pool of tenants. This competition can drive down rental rates, as landlords might offer lower prices to attract and retain tenants. Moreover, landlords who rely solely on market-rate rents could face challenges in maintaining occupancy levels, given the financial constraints of many households.
For landlords considering their strategy, focusing on accepting Section 8 vouchers can be a viable option. While the voucher payment standard of $1,130 is higher than the current market rate, it ensures a steady and reliable stream of income. Additionally, vouchers can help fill units that might otherwise remain vacant due to the high proportion of households unable to afford the market-rate rent.
In summary, ZIP 58725 presents a challenging environment for both renters and landlords. Accepting Section 8 vouchers allows landlords to mitigate the risk of vacancy and secure a consistent income source, despite the lower market-rate rents. Landlords should weigh the benefits of voucher stability against the potential for higher cash rents but with greater risk of unoccupied units.
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.