Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,270 | $433,622 | 0.29% | F |
| 2BR | $1,540 | $619,026 | 0.25% | F |
| 3BR | $2,040 | $904,252 | 0.23% | F |
U.S. Census Bureau data (2024)
1530 is the Fair Market Rent (FMR) for ZIP 55384, Spring Park, MN, as set by HUD for fiscal year 2024. This figure represents the maximum rental amount allowed under the Section 8 program. In contrast, the Census Bureau reports a market rent of 1241 for the same area, indicating that properties eligible for Section 8 may command higher rents compared to the general market. The median home value stands at 573856, suggesting a relatively affluent neighborhood where property values are significantly above average. With a renter share of 75.1%, it's clear that the majority of residents in Spring Park prefer renting over owning, which could indicate a strong demand for rental properties. However, the median income of 48315 is notably lower than what might be expected given the high median home value, potentially signaling a gap between local incomes and housing costs. Unfortunately, data on the number of days on market (DOM) and the percentage of price-cut shares are not available, making it challenging to assess the current liquidity and pricing trends of the real estate market in Spring Park. Despite these gaps, the disparity between the HUD FMR and the market rent suggests that landlords can benefit financially from participating in the Section 8 program. The verdict for Section 8 in Spring Park, MN, is positive, especially for those looking to capitalize on higher allowable rental rates compared to the local market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.