Location: Martin County, MN | Metro: Faribault County, MN
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 | $750 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $137,020 | 0.78% | D |
| 3BR | $1,460 | $179,035 | 0.82% | C |
| 4BR | $1,470 | $229,910 | 0.64% | D |
U.S. Census Bureau data (2024)
The ZIP code 56013, located in Blue Earth, MN, presents a dynamic rental market that reflects current economic conditions and housing trends. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $1,000, indicating a slight premium over the actual market rent of $945 reported by the Census Bureau's American Community Survey (ACS).
The low price-cut share of 0.3% suggests that landlords in this area are generally setting rents close to their target values without needing to reduce them significantly to attract tenants. This implies a stable market where demand meets supply adequately.
The median home value stands at $176,917. While the days on market (DOM) is listed as N/A, the median home value provides insight into the overall affordability and desirability of homeownership in the area. A lower median home value can indicate an attractive entry point for first-time buyers or those seeking affordable housing options, which could influence the rental market by affecting the balance between renters and owners.
A notable statistic is the 25.0% renter share, which highlights a significant portion of the population preferring or needing to rent rather than own. This high renter share points towards long-term housing pressure, as it suggests a consistent demand for rental properties. It also indicates that a substantial number of residents might be constrained by financial factors, making homeownership less feasible, thus perpetuating the need for rental accommodations.
The interplay between the FMR and market rent, along with the median home value and renter share, paints a picture of a market where demand is strong enough to support rental rates slightly below the FMR without necessitating frequent price reductions. However, the significant renter share signals ongoing pressure on the rental market, driven by a combination of economic realities and lifestyle choices that favor renting over buying.
In summary, while there isn't a direct indication that supply outpaces demand or vice versa, the snapshot suggests a balanced yet pressured market. Landlords and small-portfolio investors should consider the robust rental demand and the potential for steady occupancy rates, even if they don't achieve premium rents. The high renter share underscores the importance of maintaining quality and affordability in rental properties to meet the needs of the local market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.