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 | $1,170 |
| 1 Bedroom | $1,330 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,620 | $375,406 | 0.43% | F |
| 3BR | $2,140 | $445,723 | 0.48% | F |
| 4BR | $2,390 | $499,430 | 0.48% | F |
U.S. Census Bureau data (2024)
1840 is the Fair Market Rent (FMR) for ZIP 55032, Harris, MN, as set by HUD for fiscal year 2024. This figure represents the maximum rent that a landlord can charge for a two-bedroom unit under the Section 8 program. In contrast, the market rent as reported by the Census Bureau's American Community Survey stands at 950, indicating a significant premium for Section 8 participants. The median home value in Harris, MN, is 400581, which is considerably higher than the median income of 104554, suggesting that homeownership may be out of reach for many residents. Renter share in the area is 5.7%, showing a relatively low demand for rental properties compared to other areas. While the days on market (DOM) and the percentage of price cuts are not available, these factors would typically influence the local rental market dynamics. Given the disparity between the HUD FMR and the actual market rent, landlords stand to benefit financially from participating in the Section 8 program. With the median income being less than half of the median home value, the need for affordable housing solutions such as Section 8 is evident. The verdict on Section 8 in Harris, MN, is positive for landlords seeking stable tenants and a guaranteed income stream.
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.