Location: Sheridan County, ND | Metro: McHenry County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
ZIP code 58736, located within the Sheridan County, ND metro, presents a unique snapshot when compared against other ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 58736 stands at $900 for fiscal year 2026, which is higher than the market rent of $765. This suggests that the area is slightly above average in terms of rental pricing expectations set by HUD standards. However, the median home value in this ZIP is $79,663, indicating it is on the lower end of the housing value spectrum relative to other areas within the county.
The renter share of 22.7% is relatively modest, pointing towards a neighborhood where homeownership is more prevalent than renting. This characteristic is common across many ZIP codes in Sheridan County, ND, but the combination of a below-average home value and a slightly elevated FMR could signal a potential value pocket for landlords and small-portfolio investors. Value pockets are typically areas where the cost of investment is low, but the rent charged can be closer to or even exceed the metro-wide average.
To further contextualize, if the typical ZIP codes in Sheridan County have higher home values and similar or lower FMRs, then 58736 could indeed represent an attractive opportunity. Landlords can expect to charge rents that are in line with the HUD's FMR guidelines while owning properties at a lower cost, thus potentially increasing their profit margins.
The divergence between the FMR and market rent, along with the below-metro home values, may indicate that ZIP 58736 is an area where rental subsidies such as Section 8 could be more effective. High renter share percentages coupled with lower home values often suggest a concentration of subsidized housing units, which can be beneficial for investors willing to participate in government rental assistance programs.
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.