Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
U.S. Census Bureau data (2024)
The ZIP code 54082, with a population of 2,190, has 14.7% of its residents classified as renters. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy zone. The median household income stands at $131,146, which is notably higher than the typical market rent of $3,020 per month.
To understand the financial burden of renting in this area, we can calculate that the average monthly rent consumes approximately 2.3% of the median household income. This is a relatively low percentage, suggesting that most residents can comfortably afford the rent without significant strain on their finances.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,520 for FY 2024, reveals that the market rent in ZIP 54082 is significantly higher. This means that tenants relying solely on Section 8 vouchers may struggle to find suitable housing within the ZIP code, as the voucher amount falls below the market rate. Landlords should be prepared to either adjust their rental prices to align with FMR or offer additional incentives to attract and retain tenants who are part of the Section 8 program.
The kind of tenant profile a landlord in ZIP 54082 should expect includes individuals and families who might have slightly higher incomes compared to the national average for Section 8 participants. These tenants could potentially supplement their voucher with personal funds to meet the higher market rates, or they may be seeking out properties that are willing to accept a lower rent. Additionally, landlords may encounter tenants who are willing to negotiate terms or are looking for smaller units that are more likely to fall within the FMR range.
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.