Section 8 Fair Market Rent (FMR) for ZIP 58741 - 2027

Location: McHenry County, ND | Metro: McHenry County, ND HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

615

Median Household Income

$83,333

Housing Units

328

Renter Percentage

6.8%

Occupancy Rate

90.2%

Renter Occupied

To determine if you should buy in ZIP code 58741 for Section 8 purposes, follow this decision tree:

Does the FMR of $1,000 (for metro FY 2026) cover debt service on a property?
- If the answer is yes, proceed to the next question.
- If no, buying for Section 8 in this area is not financially viable.
Is the market rent of $644 (as per Census ACS) above, at, or below the FMR?
- If the market rent is above the FMR, it suggests that tenants might prefer private rentals over Section 8, reducing demand for your property.
- If the market rent is at or below the FMR, it indicates that Section 8 properties could be competitive in the rental market.
Are 6.8% of residents renters, and does this combined with N/A days DOM indicate sufficient demand?
- If the rental rate is high enough and days on market (DOM) are low, there is strong demand for rental properties. This supports a positive investment decision.
- If the rental rate is low and DOM is high, demand for rental properties is weak, making an investment less attractive.

Yes: If the FMR covers your debt service, the market rent is at or below the FMR, and the rental rate plus DOM suggest strong demand, then investing in ZIP 58741 for Section 8 is advisable.

No: If any of these conditions are not met—specifically, if the FMR does not cover debt service or the market rent significantly exceeds the FMR—then purchasing in this area for Section 8 is not recommended.

It depends: If the market rent is slightly above the FMR but not substantially so, and other factors are favorable, consider conducting further local market analysis before deciding.

Note: The exact percentage of renters and DOM data were not provided; these must be evaluated based on actual figures to make a definitive decision.

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.