Location: Mountrail County, ND | Metro: Ward County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,480 |
| 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 analysis for ZIP code 58756 reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent, which has direct implications for landlords and small-portfolio investors. The FMR for the metro area in fiscal year 2026 is set at $1,150, whereas the Census ACS data indicates that the current market rent stands at $525. This means there is a difference of $625 per month, or approximately 119%, between what the government deems as fair market rent and the actual rents being charged.
This discrepancy makes ZIP 58756 an attractive location for voucher tenants. Vouchers cover the gap between the actual rent and the FMR, ensuring that landlords receive a higher rental income than the open-market rate. In other words, landlords can expect to receive $1,150 per unit through the voucher program, which is significantly above the current market rent. This setup transforms properties in this ZIP code into a yield play, providing landlords with a higher return on investment than they would typically see in the open market.
Given that only 15.8% of the population are renters, the demand for rental units is relatively low compared to owner-occupied homes. However, the median household income of $77,188 suggests that residents have sufficient financial stability to support a rental market. Although the median home value is not available, the income level implies that there could be a segment of the population that relies on rental assistance programs like Section 8.
In summary, the gap between FMR and market rent in ZIP 58756 presents a unique opportunity for landlords who accept vouchers. They can benefit from a higher monthly rental income, making it a strategic choice for increasing yields in a low-rent demand environment.
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.