Section 8 Fair Market Rent (FMR) for ZIP 55316 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 55316

• PHA in and for the City of Minneapolis (Minneapolis, MN) - 6,772 Section 8 vouchers
• HRA IN AND FOR THE CITY OF BLOOMINGTON (Bloomington, MN) - 565 Section 8 vouchers
• HOUSING AUTHORITY OF ST LOUIS PARK, MINNESOTA (Saint Louis Park, MN) - 406 Section 8 vouchers
• Plymouth Housing & Redevelopment Authority (Plymouth, MN) - 250 Section 8 vouchers
• RICHFIELD HRA (Richfield, MN) - 236 Section 8 vouchers
• HRA OF HOPKINS, MINNESOTA (Hopkins, MN)
• HRA OF THE CITY OF MOUND, MINNESOTA (Mound, MN)

The ZIP code 55316, located in Champlin, Minnesota, is part of a suburban area characterized by its growing population and steady economic conditions. This region offers a mix of residential and commercial properties, making it an attractive location for both living and investment.

• The Fair Market Rent (FMR) for ZIP 55316 is set at $1,820 for fiscal year 2024, indicating the government's benchmark for rental affordability.
• The market rent, as measured by Zillow's ZORI (Zestimate Rent Index), stands at $2,201, reflecting a slightly higher actual rent price compared to the FMR.
• The median home value in Champlin is $370,686, which provides a solid base for property values and potential appreciation.
• Renters make up 11.9% of the housing market, suggesting a smaller but significant portion of the population that relies on rental properties.
• The days on market (DOM) for rental listings average 29 days, which is relatively quick and suggests a healthy demand for rental units.
• The median household income in the area is $116,102, providing tenants with a strong financial capacity to meet rental obligations.

The data points indicate that Champlin presents a balanced opportunity for landlords and small-portfolio investors. With market rents above the FMR and a quick turnaround time for listings, there is a clear demand for rental properties. The median income supports the ability of residents to pay higher rents, while the median home value signals a stable real estate market. However, the lower renter share suggests a need to focus on attracting and retaining tenants to capitalize fully on these favorable conditions.

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.