Location: Minneapolis-St. Paul-Bloomington, MN | Metro: Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,170 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $2,110 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
U.S. Census Bureau data (2024)
0.0% of the residents in ZIP code 55450 rely on rental housing, indicating a very low demand for rental properties in this area. This statistic aligns with the lack of available data on market rents, median home values, and median incomes, suggesting limited activity in the local real estate market. The absence of these key figures makes it challenging to compare the rental market with broader housing trends.
N/A-day days on market (DOM) further underscores the sparse rental market in 55450. Landlords and small-portfolio investors should be aware that properties may take an unusually long time to rent out, if at all. Additionally, the N/A% price-cut share highlights that there is little competition among landlords, leading to minimal need for reducing rental rates to attract tenants.
Despite these challenges, the Fair Market Rent (FMR) for ZIP code 55450 stands at $1320 for the fiscal year 2024. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent in this area. However, the low renter share and the lack of competitive market data suggest that achieving this FMR might be difficult without significant incentives or property improvements.
The verdict for Section 8 participation in ZIP code 55450 is cautious. Given the extremely low renter share and limited market data, landlords should carefully consider the potential for occupancy and the impact of Section 8 regulations on their investment strategy before proceeding.
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.