Location: McHenry County, ND | Metro: McHenry County, ND HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP 58792 hinges on the significant gap between the Fair Market Rent (FMR) of $1,000 for the metro area in fiscal year 2026 and the actual market rent, which stands at $830 for a two-bedroom apartment. This gap is a difference of $170, or 20.5%.
Given that the FMR exceeds the market rent, this makes ZIP 58792 a favorable location for voucher tenants, transforming it into a yield play for landlords. Landlords can expect to receive higher payments from the government through the Section 8 program than they would from open-market tenants, thus improving their rental income yield.
In the broader context of ZIP 58792, 32.6% of residents are renters, and the median income is $105,221. The median home value is $293,800, indicating a relatively stable housing market. Over the past year, home appreciation has been strong at 9.41%, suggesting that property values are increasing, which could further enhance the attractiveness of the area for investment.
Landlords and small-portfolio investors should capitalize on this discrepancy between FMR and market rent. By participating in the Section 8 program, they can secure a steady stream of income that is above the current market rate, making it a lucrative opportunity in this ZIP code.
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.