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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,270 | $272,157 | 0.47% | F |
| 2BR | $1,540 | $353,967 | 0.44% | F |
| 3BR | $2,040 | $392,048 | 0.52% | F |
| 4BR | $2,280 | $430,841 | 0.53% | F |
| 5BR | $2,645 | $498,648 | 0.53% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 55092, Wyoming, MN, in fiscal year 2024 is set at $1360. This figure represents the maximum amount the U.S. Department of Housing and Urban Development (HUD) will pay to landlords through the Section 8 program for renting a unit. It's important to note that this is the payment standard, meaning it's the cap on what HUD will reimburse, but it does not necessarily dictate your rent price.
Comparatively, the average rent in Wyoming, MN, based on Census ACS data, is $1436. This indicates that the FMR is slightly below the market rate, suggesting that landlords participating in the Section 8 program might need to adjust their expectations regarding rental income. However, the program provides a reliable source of income through government subsidies.
The 10.4% renter share in the area means that approximately one in ten households are renters, which can help gauge the potential demand for Section 8 rentals. While this percentage may seem low, it still represents a significant number of individuals who could be interested in your property, especially if you're located in a desirable neighborhood or offer amenities that appeal to Section 8 tenants.
When considering the acquisition cost of a property, the median home value in Wyoming, MN, is around $388,044. This suggests that buying a rental property in this area would require a substantial investment, but the long-term benefits of steady rental income through the Section 8 program can outweigh the initial costs.
Before deciding to participate in the Section 8 program with a rental in ZIP 55092, verify that your property meets all the necessary requirements for the program. This includes passing a housing quality standards (HQS) inspection and ensuring the rent does not exceed the established FMR. By doing so, you ensure compliance and avoid any issues that could arise from non-compliance.
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.