Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,280 |
| 5 Bedrooms | $3,805 |
| 6 Bedrooms | $4,262 |
| 7 Bedrooms | $4,603 |
| 8 Bedrooms | $4,833 |
U.S. Census Bureau data (2024)
ZIP code 55311 encompasses a part of Maple Grove, MN, known for its affluent and suburban character. The neighborhood is home to a population of 38,472 residents, with only 13.3% being renters, indicating a predominantly owner-occupied area. This statistic reflects the high median household income of $153,568, which is significantly above the national average. The median home value stands at $496,181, further emphasizing the upscale nature of the community.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 55311 in fiscal year 2024 is set at $2,200. In comparison, the market rent, as measured by Zillow's ZORI index, is slightly higher at $2,381. These figures suggest that while there is a modest premium for market rent over the FMR, the difference is not substantial enough to significantly impact the viability of Section 8 properties in this area.
The characteristics of ZIP 55311 make it suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters and high median income indicate that residents have the financial stability to afford market rents without government assistance. Therefore, landlords and small-portfolio investors should expect a steady demand for Section 8 properties, but the potential for aggressive rent increases or property improvements to drive up values is limited. The primary appeal lies in the predictability and reliability of Section 8 tenants in an otherwise stable and wealthy neighborhood.
Data Sources: FMR data from HUD (2027). 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.