Location: Ward County, ND | Metro: Renville County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,460 |
| 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 ZIP code 58787 is located in a rural setting primarily encompassing parts of the town of Westhope, North Dakota. With a total population of 83, it's a small community where only 14.0% of residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $78,281, suggesting a relatively stable economic base for the local residents.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $970. This figure is critical for landlords operating under the Section 8 program, as it dictates the maximum rent that can be charged for a voucher recipient. However, the lack of specific data on market rent for the area makes it challenging to assess the exact financial landscape for landlords. Without this information, it's difficult to compare the FMR to what the market might bear, which could impact the attractiveness of the area for those looking to maximize their rental income.
Given the characteristics of ZIP 58787, it would likely appeal more to a hands-off voucher operator rather than a hands-on value-add buyer. The low number of renters suggests limited demand for rental properties, and the small size of the community means that opportunities for significant property improvements or renovations to increase rental values are minimal. For a hands-off operator, the stability offered by the Section 8 program could provide a reliable source of income without the need for extensive management or investment in property upgrades. Conversely, for a hands-on investor seeking to add value through improvements, the limited rental market and the high median income might not present the best opportunity to achieve a substantial return on investment.
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.