Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,560 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
U.S. Census Bureau data (2024)
ZIP code 55343, located in Hopkins, MN, falls within the larger Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 55343 is set at $1710 for fiscal year 2024, slightly above the area's average market rent of $1,649. This indicates that Hopkins is positioned as a mid-tier neighborhood in terms of rental costs within the metro.
The median home value in ZIP 55343 is $344,949, which is also reflective of a mid-tier status compared to the broader metro area. Home values can vary widely across different ZIP codes, but this figure suggests that Hopkins offers a balanced price point for both homeowners and renters.
A notable feature of ZIP 55343 is its 53.5% renter share, which is higher than the typical share in many other ZIP codes within the metro area. This high proportion of renters combined with below-average home values relative to some premium sub-markets could indicate an attractive opportunity for landlords and small-portfolio investors looking to capitalize on the demand for affordable housing.
In summary, ZIP 55343 presents itself as a mid-tier neighborhood within the Minneapolis-St. Paul-Bloomington metro area. It offers a slight premium in terms of rental costs over the market average, but maintains a competitive edge with its higher-than-average renter share and reasonable home values. These characteristics make it a viable option for investors seeking stable returns without the risks associated with either very low or very high-cost markets.
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.