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 | $1,590 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,850 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,180 | $381,990 | 0.57% | F |
| 3BR | $2,850 | $433,447 | 0.66% | D |
| 4BR | $3,190 | $497,305 | 0.64% | D |
| 5BR | $3,700 | $576,509 | 0.64% | D |
U.S. Census Bureau data (2024)
ZIP code 55011, located in Oak Grove, Minnesota, is part of the larger Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $2220. This figure represents the upper limit for housing costs that are considered reasonable in the area.
The market rent for ZIP 55011 stands at $1,869, which is notably lower than the FMR. This suggests that landlords can potentially offer competitive rents while still falling under the HUD guidelines, making it an attractive location for tenants seeking affordable housing options.
The median home value in 55011 is $434,025. This figure is reflective of the broader Minneapolis-St. Paul metropolitan area's average home values, indicating that ZIP 55011 is neither significantly undervalued nor overpriced compared to other areas within the same metro.
The renter share in 55011 is 4.4%, which is relatively low compared to the typical ZIP codes within the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Generally, higher renter shares indicate a greater demand for rental properties, but this particular ZIP code has a smaller proportion of renters. Therefore, it is not likely to be seen as a prime opportunity for landlords looking to capitalize on high renter demand.
Considering the specific figures provided, ZIP 55011 appears to be a mid-tier neighborhood within the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. The combination of a market rent below the FMR and a median home value consistent with the metro average points towards a balanced market where both homeownership and renting are feasible options. However, the low renter share suggests that there is limited competition among renters, which might impact the attractiveness of the area for those specifically targeting high-renter-share neighborhoods.
While the data does not suggest that 55011 is a Section 8 sweet spot due to its low renter share, the gap between the FMR and market rent could be advantageous for landlords participating in the Section 8 program. They can offer rents that are both within the HUD guidelines and competitive with the local market, attracting tenants without exceeding the allowable rent limits.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.