Location: Martin County, MN | Metro: Martin County, MN
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $840 |
| 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 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 56075 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $970 per month for fiscal year 2026. This figure is specific to this ZIP code and reflects the maximum amount the housing authority will pay towards a tenant's rent. However, the local market rent for a similar unit runs at $700 according to the Census ACS (American Community Survey).
A landlord participating in the Section 8 program should understand the payment structure clearly. The voucher payment consists of two parts: the tenant contribution and the housing authority subsidy. Tenants are required to pay 30% of their adjusted income towards rent. For example, if a tenant's monthly income is $1,000, they would contribute $300 ($1,000 x 0.30) towards the rent. The housing authority then covers the difference up to the SAFMR limit.
In ZIP 56075, the SAFMR for a two-bedroom unit is $970. If the tenant contributes $300 based on their income, the housing authority would cover the remaining $670. Additionally, there are utility allowances that can vary but typically add about $200 to $300 per month to the total reimbursement. Thus, a landlord could expect an additional $200 to $300 on top of the $670 base subsidy from the housing authority.
This brings the total reimbursement to between $870 and $970 per month. Given that the local market rent is $700, landlords would receive a surplus of $170 to $270 above the market rate when factoring in the tenant contribution and utility allowances. This surplus compensates for any potential maintenance costs or vacancies that might arise, making it financially beneficial for landlords to participate in the Section 8 program in ZIP 56075.
The typical reimbursement gap or surplus in this scenario is a positive $170 to $270 per month, indicating that landlords can expect to earn slightly more than the market average for a two-bedroom unit. This economic advantage helps offset the administrative complexities of managing Section 8 properties.
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.