Location: St. Cloud, 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)
The Fair Market Rent (FMR) for ZIP code 55320 in Minnesota for fiscal year 2024 is set at $1270. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay to cover the rent of a Section 8 tenant in this area. It's important to note that this is not necessarily the rent you would charge your tenants; it is the payment standard used by the government.
In comparison, the average rent for ZIP 55320 based on recent Census American Community Survey (ACS) data is $1,163. This indicates that the FMR is slightly higher than the typical market rate, which can be beneficial for landlords participating in the Section 8 program. The difference between the FMR and the average rent suggests that landlords might be able to set their rents slightly above the market average without losing potential Section 8 tenants.
About 16.3% of the population in ZIP 55320 are renters, showing a steady demand for rental properties. For those considering their first Section 8 rental, this percentage translates into a consistent pool of tenants who rely on government assistance to find housing. The median home value in this area is around $370,498, which gives an idea of the overall property values and can help in assessing the acquisition cost of a rental property.
Before committing to a Section 8 rental property, it's crucial to verify the property meets all inspection requirements. HUD sets standards for housing quality, and a property must pass these inspections to be eligible for the program. Failure to meet these criteria can result in disqualification, so ensuring compliance with HUD's guidelines is essential.
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.