Section 8 Fair Market Rent (FMR) for ZIP 55412 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 55412

• 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 55412, located in Minneapolis, Minnesota, is a vibrant urban area that offers a mix of residential and commercial spaces. This neighborhood is well-connected to the city's amenities and services, making it attractive for both residents and investors.

• Fair Market Rent (FMR) for ZIP 55412 in fiscal year 2024 is set at $1,720. This figure represents the maximum amount that a tenant can be expected to pay for housing under federal programs such as Section 8.
• The market rent, as measured by Zillow's ZORI index, stands at $1,898. This indicates that the actual rental prices in the area are slightly above the FMR, reflecting a robust local rental market.
• The median home value in ZIP 55412 is $233,341. This makes it an affordable option for homeownership but also suggests a moderate price point for investment properties.
• Renters make up 27.8% of the population. This signifies a significant demand for rental properties, though it is lower than the national average, indicating a healthy balance between renters and owners.
• The days on market (DOM) for properties in this ZIP code is 22 days. This relatively short period shows that homes are selling quickly, which could indicate strong interest from buyers.
• The median household income is $68,682. This income level supports the ability of tenants to afford higher rents, aligning well with the market conditions observed in ZIP 55412.

Investors looking to capitalize on the rental market in ZIP 55412 should consider that while the FMR is $1,720, the actual market rent is higher at $1,898, providing an opportunity to charge slightly above the government-set rate. The median home value of $233,341 and the quick turnover of properties, with a DOM of 22 days, suggest a stable and active real estate market. With a renter share of 27.8%, there remains a substantial pool of potential tenants, supported by the median income of $68,682, which ensures a steady cash flow for rental properties. Overall, ZIP 55412 presents a favorable environment for real estate investments, particularly in rental properties, due to its balanced market dynamics and economic stability.

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.