Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,280 |
| 5 Bedrooms | $2,645 |
| 6 Bedrooms | $2,962 |
| 7 Bedrooms | $3,199 |
| 8 Bedrooms | $3,359 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,040 | $362,841 | 0.56% | F |
| 4BR | $2,280 | $438,943 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 54015 stands out in County due to its unique demographic and economic characteristics. With a total population of 4,086, it has a relatively low rental rate at 19.8%, indicating that the majority of residents prefer homeownership. This preference is reflected in the median home value of $380,864, which is significantly higher than the median income of $114,293. This suggests that homeownership is a significant factor in the local economy.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 54015 is set at $1270 for fiscal year 2024, while the actual market rent is estimated at $954 according to the Census American Community Survey (ACS). The gap between the FMR and the market rent indicates that landlords can potentially receive higher rents through Section 8 vouchers compared to the current market rates. However, it's important to note that this does not necessarily mean an increase in profitability, as the administration of Section 8 properties requires adherence to strict guidelines and regulations.
The data signature of ZIP 54015 reads as stable. The low rental rate combined with a high median home value suggests a community that is largely established and focused on long-term homeownership. While the Section 8 voucher program presents an opportunity for landlords to potentially secure tenants with guaranteed income, the overall trend points towards a market that is unlikely to experience significant transitions in the near future. Landlords and small-portfolio investors should consider these factors when evaluating the potential benefits and challenges of participating in the Section 8 program in this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.