Location: Wabasha County, MN | Metro: Rochester, 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 | $1,010 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,770 | $437,763 | 0.4% | F |
U.S. Census Bureau data (2024)
The ZIP code 55991 presents an interesting scenario for landlords and small-portfolio investors considering Section 8 tenants. With a total population of 1,394, only 11.9% are renters, indicating that this is predominantly a homeowner-dominated area rather than a renter-heavy ZIP. This suggests that the demand for rental properties using Section 8 vouchers will be relatively limited.
The median household income in this area stands at $82,292, which provides a baseline for assessing the affordability of housing. The market rent for this ZIP is $918 per month, representing approximately 11.7% of the median household income. This percentage is calculated by taking the monthly rent ($918) and dividing it by the annual median income ($82,292), then multiplying by 12 months to get the yearly rent cost. This figure indicates that the average rent is reasonably affordable for local residents.
Comparing the market rent to the Fair Market Rent (FMR) of $1,110, as determined by the U.S. Department of Housing and Urban Development for FY 2024, we see that the market rent is below the FMR. This means that landlords who accept Section 8 vouchers can potentially charge up to the FMR without exceeding the allowable rent limits set by HUD.
In terms of tenant profiles, landlords in ZIP 55991 should expect a mix of tenants, but those utilizing Section 8 vouchers will likely represent a smaller portion of the overall rental market. These tenants will have their rent subsidized up to the FMR, ensuring they can afford the higher rent compared to the current market rate. However, the scarcity of voucher holders in the area means that landlords might need to consider other sources of tenants or adjust their expectations regarding the number of Section 8 applications they receive.
To summarize, ZIP 55991 is not a renter-heavy area with deep voucher demand. It is more homeowner-dominated, and while the market rent is affordable relative to the median income, the FMR offers a higher potential rental price for those accepting vouchers. Landlords should prepare for a diverse tenant pool with a limited number of Section 8 voucher users.
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.