Location: Mountrail County, ND | Metro: Mountrail County, ND
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The ZIP code 58776 stands out due to its unique mix of economic indicators and housing dynamics. With a population of just 264 residents, it represents a small community where over half of the residents, specifically 54.9%, rent their homes. This rental rate is notably high, suggesting a preference for or necessity of leasing rather than owning property in this area. The median household income in ZIP 58776 is $83,155, which places it above the national average but lacks context without knowing the median home value, currently listed as N/A.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,440. In comparison, the current market rent, as per Census ACS data, is $1,542. This indicates that landlords accepting Section 8 vouchers in ZIP 58776 would see a slight decrease in rental income compared to the market rate. However, the gap is relatively narrow, making the ZIP code an attractive option for landlords who are willing to participate in the Section 8 program.
Given the data, ZIP 58776 appears to be in a stable state. The high rental rate suggests a steady demand for leased properties, and the income levels indicate that residents have the financial capability to meet their housing obligations. While the lack of median home value data is a significant gap, the other indicators point towards a consistent housing market. For small-portfolio investors, this stability can be beneficial, providing a predictable environment for investment. The proximity between the FMR and market rent also supports a stable outlook, as it minimizes the risk of substantial revenue loss when participating in the Section 8 program.
In conclusion, ZIP 58776 presents a stable yet slightly transitional picture. The high rental rate and consistent income levels suggest a reliable tenant base, while the close alignment between FMR and market rents offers a reasonable return for landlords who accept Section 8 vouchers. This combination makes it a viable option for those interested in the Section 8 program, balancing risk and reward effectively.
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.