Section 8 Fair Market Rent (FMR) for ZIP 56153 - 2027

Location: Nobles County, MN | Metro: Nobles County, MN

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$840
2 Bedrooms	$1,100
3 Bedrooms	$1,320
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

173

Median Household Income

$78,750

Housing Units

Renter Percentage

10.3%

Occupancy Rate

82.9%

Renter Occupied

The ZIP code 56153, located in the greater Mankato area of Minnesota, presents a stable market for real estate investment, particularly for those interested in Section 8 properties. The area benefits from a moderate cost of living and a steady demand for rental housing.

The Fair Market Rent (FMR) for a two-bedroom apartment in the Mankato metro area for fiscal year 2026 is set at $1,120, providing a clear benchmark for rental pricing.
While specific market rent data is not available, the FMR can serve as a reasonable estimate for the rental rates that align with government standards.
The median home value in the area is not specified, but this does not detract from the potential profitability of rental investments given the established FMR.
Renters make up 10.3% of the housing market in ZIP 56153, indicating a niche but consistent demand for rental properties.
The median income of $78,750 suggests that residents have the financial capability to meet the requirements of Section 8 programs, ensuring a reliable tenant pool.
Though the days on market (DOM) data is not available, the combination of a moderate FMR and a financially stable resident population supports the likelihood of quick property turnover.

Investors looking to enter the ZIP 56153 market should focus on properties that meet or slightly exceed the $1,120 FMR for two-bedroom units. Given the median income, there's a good chance that tenants will be able to contribute 30% of their income towards rent, making Section 8 properties a solid investment choice. The 10.3% renter share indicates a smaller but still significant market for rentals, which can be advantageous for those who specialize in Section 8 properties. Overall, the area offers a predictable and manageable market for landlords and small-portfolio investors.

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.