Location: McLean County, ND | Metro: Ward County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,900 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 58735, set at $940 for the metro area in fiscal year 2026, represents the payment standard for Section 8 housing vouchers. This means that if you participate in the Section 8 program with a rental property in this ZIP code, the government will pay up to $940 per month towards the tenant's rent. However, it's important to note that this figure does not necessarily reflect the actual market rent you can charge.
According to recent Census ACS data, the average rent in ZIP 58735 is $1,422. This indicates that the market rent is significantly higher than the FMR. Landlords should be aware that while the government subsidy might cover part of the rent, they could face challenges in covering the entire market value solely through the voucher payment.
The 6.8% renter share in ZIP 58735 suggests there is a moderate demand for rental properties. This percentage reflects the proportion of households that rent rather than own their homes. With this demand, landlords can expect a reasonable interest in their properties, but it also implies that competition among rentals exists.
The acquisition cost for properties in ZIP 58735 is listed as N/A, which typically means that the data is not available or reliable for this particular metric. This could indicate that there is limited information on the purchase price of homes in the area, making it challenging to assess the initial investment required for acquiring a rental property.
Before deciding to enroll your property in the Section 8 program, you must verify that your property meets all the required quality standards, known as Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for tenants. A thorough inspection by the local housing authority is necessary to confirm compliance with these HQS requirements.
In summary, participating in Section 8 with a rental property in ZIP 58735 involves receiving a monthly payment of up to $940, which is lower than the average market rent of $1,422. The 6.8% renter share indicates moderate demand, and the lack of data on acquisition costs means you'll need to research further to understand the investment landscape. Ensure your property meets Housing Quality Standards before proceeding with the program.
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.