Location: Wells County, ND | Metro: McHenry County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $950 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The ZIP code 58758 presents an interesting scenario when viewed from the perspective of renters. The median household income in this area stands at $64,464. However, without specific market rate figures, it's challenging to determine the exact affordability gap for typical renters.
Nonetheless, we can analyze the situation using the Fair Market Rent (FMR) figure provided, which is $1,080 for the metro area in fiscal year 2026. This FMR represents the voucher payment standard and gives us a benchmark to assess rental affordability.
Given the median income, let's assume a household allocates 30% of its income towards housing, a common guideline. This would amount to approximately $1,611 per month, calculated from $64,464 divided by 12 months and then multiplied by 30%. Comparing this to the FMR of $1,080, it appears that the median-income households could afford the voucher payment standard, indicating a potential preference for subsidized housing options.
With only 0.0% of the 303 residents identified as renters, the competition among landlords in this ZIP code is minimal. This low percentage of renters might indicate a strong owner-occupied market, suggesting that landlords should consider the benefits of attracting voucher tenants to fill any available rental units.
Takeaway for Landlords: In ZIP 58758, landlords should recognize the potential for attracting tenants who can benefit from the lower voucher payment standards. While cash-paying tenants might offer higher rents, the security and stability that come with government-backed vouchers can be a compelling alternative. Landlords should weigh the advantages of both strategies carefully, considering the low competition and the financial realities faced by local renters.
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.