FY2027 Small Area FMR · Elko New Market, MN

ZIP 55020 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55020 (Elko New Market, MN) is $2,150 a month, up 0.5% from FY2026. That is 24% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$2,150per month ▲ 0.5%

Area-wide 2 BR FMR$1,734Minneapolis-St. Paul-Bloomin

Rank in the area23rdof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,935

2 BR Small Area FMR$2,150

110% of SAFMR$2,365

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,570▲ 1.3%

1 BR$1,770▲ 0.6%

2 BR$2,150▲ 0.5%

3 BR$2,800▼ 1.1%

4 BR$3,150▼ 0.6%

FY2027 FY2026

Where 55020 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55020 has the 23rd highest two-bedroom Small Area FMR. Minneapolis-St. Paul-Bloomington, MN-WI is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,734 for two bedrooms; an agency that opts in to Small Area FMRs would use $2,150 for this ZIP code instead.

ZIP code 55020 crosses more than one HUD area. HUD also lists it under Rice County, MN (same figures). The figure that applies depends on which side of the line the home is.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,570	$1,413 – $1,727	$1,265	$1,550
1 bedroom	$1,770	$1,593 – $1,947	$1,427	$1,760
2 bedrooms	$2,150	$1,935 – $2,365	$1,734	$2,140
3 bedrooms	$2,800	$2,520 – $3,080	$2,264	$2,830
4 bedrooms	$3,150	$2,835 – $3,465	$2,538	$3,170

A household renting a two-bedroom home at the Small Area FMR of $2,150 needs about $86,000 a year to keep housing costs at 30% of income. The area median family income is $131,500 and the 80% low-income limit for four people is $105,200. ZIP code 55020 lies mainly in Scott County. See the Minneapolis-St. Paul-Bloomington, MN-WI metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
55054	Elko New Market	1.1 mi	$2,530
55088	Webster	3.6 mi	$1,540
55044	Lakeville	6.6 mi	$2,170
55372	Prior Lake	7.7 mi	$1,750
55046	Lonsdale	9.6 mi	$1,410
56071	New Prague	10.6 mi	$1,550

Questions

What is the Fair Market Rent for ZIP code 55020?

HUD's FY2027 Small Area Fair Market Rents for 55020 are $1,570 (studio), $1,770 (1 BR), $2,150 (2 BR), $2,800 (3 BR) and $3,150 (4 BR) a month.

What is the Section 8 payment standard in 55020?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55020 that range is $1,935 to $2,365 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55020?

The FY2026 income limits of the Minneapolis-St. Paul-Bloomington, MN-WI area apply: median family income $131,500, low-income (80%) limit $105,200 for a family of four.