Section 8 Fair Market Rent (FMR) for ZIP 56063 - 2027
Location: Waseca County, MN | Metro: Mankato, MN MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$102,391
Housing Authorities Serving ZIP 56063
- MANKATO EDA (Mankato, MN) - 678 Section 8 vouchers
- LE SUEUR COUNTY HRA (Mankato, MN) - 118 Section 8 vouchers
- BLUE EARTH COUNTY EDA (Mankato, MN) - 99 Section 8 vouchers
- FARIBAULT COUNTY HRA (Mankato, MN) - 93 Section 8 vouchers
- HRA OF WASECA, MINNESOTA (Waseca, MN)
- HRA of LE SUEUR, MINNESOTA (Le Sueur, MN)
- Housing & Redevelopment Authority Of Janesville (Janesville, MN)
- HRA of MONTGOMERY, MINNESOTA (Montgomery, MN)
- HRA OF NEW RICHLAND, MINNESOTA (New Richland, MN)
The ZIP code 56063, located in Madison Lake, Minnesota, is characterized by its suburban setting and proximity to the recreational opportunities offered by Lake Minnetonka. This area is popular among families and retirees seeking a tranquil yet accessible environment.
- Fair Market Rent (FMR): The FMR for a two-bedroom apartment in ZIP 56063 for fiscal year 2024 is set at $1020, indicating a stable rental market.
- Market Rent: According to Census American Community Survey data, the average market rent for properties in the area stands at $810, suggesting that there is potential for landlords to charge slightly above the market rate to align with FMR guidelines.
- Median Home Value: The median home value in ZIP 56063 is $439,963, reflecting the higher-end residential market typical of suburban areas near major lakes.
- Renter Share: Renters make up 17.6% of the housing stock, showing a smaller but still significant portion of the population that relies on rental properties.
- Days on Market (DOM): The data for days on market is currently unavailable, which could mean a robust sales market where homes sell quickly.
- Median Income: With a median household income of $102,391, tenants in this area have the financial capacity to afford higher rents, especially if they seek the quality of life associated with living near Lake Minnetonka.
The data points indicate that ZIP 56063 presents a balanced investment opportunity. Landlords can expect a stable rental market with the potential to increase rents towards the FMR level without risking vacancy rates. Given the median income, residents are likely to be able to sustain higher rental costs, making it a viable option for investors looking for steady returns. The relatively low renter share suggests that competition for rental properties might be moderate, allowing for differentiation through property amenities and location. Overall, ZIP 56063 offers a promising environment for those interested in real estate investments, particularly in rental properties, due to its attractive living conditions 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.