Location: Mountrail County, ND | Metro: Ward County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,100 in the metro area for fiscal year 2026 will sufficiently cover the mortgage on a home in ZIP 58771. However, given the median home price of $315,000, it is possible to secure a mortgage that aligns with the FMR, assuming a reasonable down payment and favorable interest rates.
The demand for renters at 18.9% could be seen as low, which raises concerns about occupancy rates and potential vacancies. While the percentage is indeed lower, the actual number of homes with equity and fully paid-off mortgages suggests a stable financial environment. This stability can be beneficial for landlords and small-portfolio investors who are looking for consistent returns.
Another objection might be whether housing vouchers will keep pace with market rents, currently at $1,106. The data does not provide specific details on voucher amounts or adjustments, but historically, vouchers tend to lag behind market rates. Investors should be prepared for some variability in the amount of rent covered by vouchers and consider additional sources of income or stabilization strategies.
In summary, while the FMR of $1,100 is likely to cover the mortgage on a home priced at $315,000, the relatively low renter demand at 18.9% and uncertainty regarding voucher coverage suggest caution. Investors should conduct thorough due diligence, including reviewing recent sales trends and understanding the local economic drivers, before making investment decisions in ZIP 58771.
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.