Section 8 Fair Market Rent (FMR) for ZIP 56376 - 2027

Location: St. Cloud, MN | Metro: St. Cloud, MN MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$830
2 Bedrooms	$1,090
3 Bedrooms	$1,450
4 Bedrooms	$1,690
5 Bedrooms	$1,960
6 Bedrooms	$2,195
7 Bedrooms	$2,371
8 Bedrooms	$2,490

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

313

Median Household Income

$59,219

Housing Units

141

Renter Percentage

21.3%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 56376 is located in a region that offers a balanced mix of rural charm and access to urban amenities, making it attractive for both residents and investors. The area has seen steady growth in recent years, driven by its proximity to key economic hubs and its relatively affordable housing options.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 56376 for fiscal year 2024 is set at $910. This figure represents the upper limit for rental assistance payments under the Section 8 program and indicates the competitive pricing for subsidized housing units.
According to the latest Census American Community Survey (ACS), the average market rent for properties in ZIP 56376 stands at $425. This suggests that there is a significant margin between the market rates and the FMR, providing landlords with an opportunity to offer competitive rents while still maintaining profitability.
The median home value in ZIP 56376 is $245,079. This reflects the overall affordability of the housing market in the area, which can be beneficial for both buyers and sellers, as well as for those looking to invest in property.
Renters make up 21.3% of the population in ZIP 56376. This percentage highlights the demand for rental properties, especially among those who prefer leasing over purchasing due to financial considerations or lifestyle choices.
The median income in ZIP 56376 is $59,219. This level of income supports a moderate rental market where tenants are likely to seek affordable housing options, aligning well with the current market conditions.

The combination of a lower median home value and a reasonable renter share points to a stable and potentially growing rental market in ZIP 56376. Landlords and small-portfolio investors can leverage the difference between the FMR and the actual market rent to attract Section 8 tenants while ensuring their properties remain financially viable. With a median income that supports rental affordability, there is a strong foundation for sustained demand. However, the lack of data on days on market (DOM) suggests a need for further investigation into the local real estate turnover rate to fully understand the investment potential.

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.