Location: St. Cloud, MN | Metro: Mille Lacs County, 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 | $970 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,630 | $371,063 | 0.44% | F |
U.S. Census Bureau data (2024)
8.5% of the residents in ZIP code 56330 are renters, indicating a modest demand for rental properties. Given the $1120 Fair Market Rent (FMR) set for zip code FY 2024, landlords can expect to receive this amount per unit under the Section 8 program. However, the market rent as reported by the Census ACS stands at $1,208, suggesting that landlords might be able to charge slightly above the FMR if they can attract tenants willing to pay the higher market rate. The median income in the area is $84,519, which is a key figure for understanding the financial capability of potential tenants. While the median home value is $344,561, the lack of data on days on market (DOM) and the percentage of price-cut shares means there's no direct insight into the volatility or liquidity of the housing market. This absence of detailed market dynamics data could imply stability or simply a lack of recent transactions to analyze. For landlords and small-portfolio investors, the opportunity to secure a steady stream of rental income through the Section 8 program at $1120 per unit is a reliable option, especially considering the area's median income suggests a population capable of contributing to the required tenant portion of the rent. The slight premium over the FMR in market rents offers an additional incentive for those who wish to operate outside the subsidized housing framework. In conclusion, ZIP 56330 presents a balanced environment for rental investments, particularly under the Section 8 program.
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.