Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
ZIP code 55313, located in Buffalo, MN, falls within the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1470. This figure represents the maximum rent that can be charged for a unit to be eligible under the Section 8 program.
The market rent in ZIP 55313 is slightly lower at $1,371. This indicates that the rental prices in this area are just below the HUD's FMR threshold, which could suggest a balance between affordability and market demand. The median home value in 55313 stands at $375,220, which is reflective of the broader suburban housing market surrounding Minneapolis and St. Paul.
The renter share in 55313 is 20.5%, which is relatively low compared to many urban centers within the metro area. However, this percentage aligns with what might be expected in a suburban setting. Given the specific figures, ZIP 55313 appears to be a mid-tier neighborhood within the larger metro area. It offers affordable rental options without being considered a premium sub-market, where home values would typically be higher and rents closer to the FMR.
A notable divergence is the combination of a below-metro home value with a renter share that, while not exceptionally high, is still significant. In other parts of the metro area, ZIP codes with higher renter shares tend to have higher home values, reflecting a trend towards urbanization and higher costs of living. However, 55313 maintains a balance, suggesting it could be a sweet spot for Section 8 properties, offering landlords a good mix of affordability and investment value.
To summarize, ZIP 55313 is best categorized as a mid-tier neighborhood within the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. The slightly below-FMR market rents, combined with the median home values and moderate renter share, indicate a stable and potentially attractive market for small-portfolio investors looking for a blend of affordability and manageable property values.
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.