FY2027 Small Area FMR · Lake City, MN
ZIP 55041 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55041 (Lake City, MN) is $1,180 a month, down 4.8% from FY2026. That is 16% above the Wabasha County, MN area-wide FMR of $1,014.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 55041 sits in the Wabasha County, MN area
Of the 13 ZIP codes HUD lists for the area, 55041 has the 10th highest two-bedroom Small Area FMR. Wabasha County, MN 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 $1,014 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,180 for this ZIP code instead.
ZIP code 55041 crosses more than one HUD area. HUD also lists it under Goodhue County, MN (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $990 | $891 – $1,089 | $894 | $1,030 |
| 1 bedroom | $1,060 | $954 – $1,166 | $931 | $1,110 |
| 2 bedrooms | $1,180 | $1,062 – $1,298 | $1,014 | $1,240 |
| 3 bedrooms | $1,560 | $1,404 – $1,716 | $1,328 | $1,660 |
| 4 bedrooms | $1,880 | $1,692 – $2,068 | $1,512 | $2,080 |
A household renting a two-bedroom home at the Small Area FMR of $1,180 needs about $47,200 a year to keep housing costs at 30% of income. The area median family income is $107,400 and the 80% low-income limit for four people is $85,900. ZIP code 55041 lies mainly in Wabasha County and Goodhue County. See the Wabasha County, MN county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 55041?
HUD's FY2027 Small Area Fair Market Rents for 55041 are $990 (studio), $1,060 (1 BR), $1,180 (2 BR), $1,560 (3 BR) and $1,880 (4 BR) a month.
What is the Section 8 payment standard in 55041?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55041 that range is $1,062 to $1,298 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 55041?
The FY2026 income limits of the Wabasha County, MN area apply: median family income $107,400, low-income (80%) limit $85,900 for a family of four.