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 |
|---|---|---|---|---|
| 2BR | $1,540 | $328,929 | 0.47% | F |
| 3BR | $2,040 | $375,638 | 0.54% | F |
| 4BR | $2,280 | $408,181 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 55084, Taylors Falls, MN, has a population of 1,975, with 13.4% being renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income in this region is $94,297, which places it in a relatively high-income bracket compared to national averages.
The market rent in Taylors Falls is currently set at $1,090 per month. This represents approximately 14.3% of the median household income when calculated on an annual basis. In comparison, the Fair Market Rent (FMR) for the area, as determined by HUD for FY 2024, is $1,270. This suggests that the actual market rent is slightly below the FMR, indicating a potentially competitive rental market.
Given the relatively low percentage of renters and the higher median income, landlords in Taylors Falls should not expect a deep voucher demand. The typical rent of $1,090 consumes a smaller portion of the average income, making it feasible for many residents to afford rent without assistance. However, landlords should still be prepared to consider Section 8 vouchers, especially for those who might struggle to meet even the lower-than-FMR rent costs.
The expected tenant profile in this ZIP code would likely consist of individuals or families with stable employment and a reasonable ability to pay rent without government assistance. Landlords should anticipate tenants who value the quality of life offered in a smaller community setting and are willing to pay a premium for housing that aligns with their lifestyle expectations.
In summary, Taylors Falls is a homeowner-dominated area with a modest renter population. While the demand for Section 8 vouchers is not expected to be high, landlords must remain flexible to accommodate all types of tenants. The local economy supports a market where typical rents are well within reach of most residents, but there remains a segment of the population that may require rental assistance to find suitable housing.
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.