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 |
|---|---|---|---|---|
| 2BR | $1,540 | $307,997 | 0.5% | F |
| 3BR | $2,040 | $366,630 | 0.56% | F |
| 4BR | $2,280 | $409,624 | 0.56% | F |
| 5BR | $2,645 | $474,327 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 55308, located in Becker, MN, has a population of 10,321 individuals. Only 12.1% of the residents are renters, indicating that this is primarily a homeowner-dominated area rather than a renter-heavy ZIP. The median household income stands at $106,510, which suggests that the majority of residents have a relatively high income level.
The market rent for the area is $869 per month. This represents approximately 8.2% of the median household income, calculated by dividing the market rent by the median income and multiplying by 100. This figure is lower than the Federal Market Rent (FMR) of $1280 for FY 2024, showing that the actual rental prices are significantly below the federally recommended rate. The discrepancy between the market rent and the FMR implies that there is less demand for Section 8 vouchers in this area compared to other regions where rents might be closer to the FMR.
In terms of tenant profiles, landlords in ZIP 55308 should expect tenants who are likely to have stable incomes and may not rely heavily on housing assistance programs. Given the low percentage of renters and the relatively low market rent compared to the median income, it's unlikely that a significant portion of the rental market consists of voucher holders. Landlords can anticipate a mix of tenants, including those who may prefer the flexibility of renting over homeownership, but the overall demand for subsidized housing through Section 8 is expected to be minimal.
To summarize, ZIP 55308 is not an ideal location for landlords looking to cater specifically to Section 8 tenants due to its homeowner-dominated nature and low market rent relative to the median income. However, for those interested in a broader range of potential tenants, this ZIP offers opportunities in a market where rent consumes a smaller proportion of the average resident's income.
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.