Location: Fillmore County, MN | Metro: Fillmore County, MN 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 | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $190,478 | 0.53% | F |
| 3BR | $1,340 | $233,442 | 0.57% | F |
| 4BR | $1,340 | $316,305 | 0.42% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 55939, Harmony, MN, in fiscal year 2024 is set at $940. This figure represents the maximum amount a landlord can charge for rent under the Section 8 program, which is designed to help low-income families afford housing. However, it's important to note that this is the payment standard, not the actual rent you will receive. The Housing Authority will pay up to $940, but if the tenant's portion plus the subsidy does not reach this amount, you will receive less.
In comparison, the average rent in Harmony, MN, based on Census American Community Survey data, is $688. This suggests that the FMR for Section 8 is higher than the typical market rate, potentially offering a more stable income source for landlords. The difference between the two figures indicates that landlords participating in the Section 8 program could expect to receive a subsidy that bridges the gap between the market rate and the FMR.
The 14.7% share of renters in the area suggests there is a moderate demand for rental properties. While not overwhelming, this percentage still provides a reasonable pool of potential tenants who might qualify for the Section 8 program. This can be particularly beneficial for landlords looking to ensure steady occupancy rates.
Acquiring a property in ZIP 55939 for use in the Section 8 program typically involves an initial investment. The median home value in the area is around $254,150, which reflects the acquisition cost for a typical home. Given this price point, landlords should carefully consider the long-term benefits of participating in the Section 8 program versus the short-term financial gains from higher-market-rate rentals.
Before committing to a Section 8 rental property, it is crucial to verify that the property meets all the necessary inspection criteria. The Housing Authority conducts rigorous inspections to ensure that the property is safe, healthy, and up to code. Failure to meet these standards can result in rejection from the program, leaving you with a property that may require significant improvements before it can be rented out.
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.