Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,190 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,130 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
U.S. Census Bureau data (2024)
1510 The Fair Market Rent (FMR) for ZIP code 55404 in Minneapolis, MN, for fiscal year 2024 stands at $1510. This figure represents the maximum amount landlords can charge for a Section 8 rental unit. 1329 In comparison, the market rent, measured by Zillow's ZORI, is $1,329, indicating that the FMR is slightly higher than the typical market rate. 239905 The median home value in this area is $239,905, suggesting that property investments here could yield decent returns when considering both rental income and potential appreciation. 825 With 82.5% of the population being renters, there is a strong demand for rental properties, making it a favorable location for landlords and small-portfolio investors. 41940 The median income of $41,940 reflects the economic status of the residents, which is important for assessing the affordability of housing and the likelihood of timely rent payments. 02 The price-cut share of just 0.2% indicates that few properties are being discounted, suggesting a stable and possibly growing real estate market. N/A The lack of specific data on days on market (DOM) makes it challenging to assess how quickly properties are typically sold, but the other metrics paint a picture of a robust rental market. 1510 Given these factors, investing in Section 8 rentals in ZIP code 55404 appears to be a sound strategy, balancing the need for affordable housing with reliable rental income.
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.