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 | $930 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,660 | $402,929 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 56357 in fiscal year 2024 is set at $1140. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you'll receive; it's the benchmark against which your rental property's rent will be measured.
While the local median rent for ZIP 56357 is currently unavailable, the FMR provides a useful guideline for setting competitive rates that align with government standards. The 1.9% renter share indicates that there is a moderate level of demand for rental properties in this area. This percentage reflects the proportion of renters in the market who are likely to qualify for Section 8 housing assistance, ensuring a steady stream of potential tenants.
To acquire a rental property in ZIP 56357, the average cost is approximately $396,993. This figure gives you an idea of the investment required to enter the market. However, it's crucial to understand that the FMR does not cover the entire cost of owning a rental property. Landlords must ensure that the $1140 payment standard covers their costs and provides a reasonable profit margin.
Before making a final decision on your first Section 8 rental property in ZIP 56357, you should verify that the property meets all the necessary requirements set by the Housing Choice Voucher Program. This includes ensuring that the unit passes a housing quality standards (HQS) inspection, which checks for safety, habitability, and other criteria. Meeting these standards is essential to secure a lease agreement with a Section 8 tenant.
In summary, the FMR of $1140 is the ceiling for rent under the Section 8 program, and the 1.9% renter share suggests moderate demand for subsidized rentals. With an average acquisition cost of $396,993, it's critical to ensure that your property meets HQS requirements to participate effectively in the 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.