Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
1270 dollars is the Fair Market Rent (FMR) for ZIP code 54750 as of fiscal year 2024, setting a benchmark for rental housing in the area. 860 dollars represents the average market rent based on Census ACS data, indicating that properties priced at the FMR level can command a premium. The median home value in the region stands at 336,266 dollars, reflecting a stable housing market with reasonable investment potential. Renter share of the population is 8.9 percent, suggesting a modest demand for rental units relative to homeownership. Median income in the area is 93,750 dollars, providing insight into the financial capacity of potential tenants. Despite the lack of specific data on days on market (DOM) and the percentage of homes with price cuts, the overall economic indicators point to a steady rental market. Landlords and small-portfolio investors should consider the gap between the FMR and market rent when pricing their properties. For instance, charging closer to the 1270 dollar FMR can attract tenants eligible for Section 8 subsidies, while still maintaining a competitive edge over the 860 dollar market average. Given the median home value and the median income, it's evident that the cost of living is relatively balanced, which could support consistent rental income. However, the low renter share implies that competition among landlords might be fierce, necessitating well-maintained properties and competitive pricing strategies. In conclusion, for ZIP 54750, the Section 8 program remains a viable option for landlords seeking stable tenants, with the potential to achieve rents slightly above the market average.
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.