FY2027 Small Area FMR · Lake Elmo, MN

ZIP 55042 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55042 (Lake Elmo, MN) is $1,810 a month, up 2.3% from FY2026. That is 4% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,810per month ▲ 2.3%

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

Rank in the area80thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,629

2 BR Small Area FMR$1,810

110% of SAFMR$1,991

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

Studio$1,320▲ 2.3%

1 BR$1,490▲ 2.1%

2 BR$1,810▲ 2.3%

3 BR$2,370▲ 0.9%

4 BR$2,660▲ 1.1%

FY2027 FY2026

Where 55042 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55042 has the 80th 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 $1,810 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,320	$1,188 – $1,452	$1,265	$1,290
1 bedroom	$1,490	$1,341 – $1,639	$1,427	$1,460
2 bedrooms	$1,810	$1,629 – $1,991	$1,734	$1,770
3 bedrooms	$2,370	$2,133 – $2,607	$2,264	$2,350
4 bedrooms	$2,660	$2,394 – $2,926	$2,538	$2,630

A household renting a two-bedroom home at the Small Area FMR of $1,810 needs about $72,400 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 55042 lies mainly in Washington 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
55128	Saint Paul	2.6 mi	$1,770
55125	Saint Paul	5.0 mi	$2,220
55090	Willernie	5.1 mi	$2,070
55119	Saint Paul	5.9 mi	$1,630
55115	Saint Paul	5.9 mi	$2,070
55109	Saint Paul	6.0 mi	$1,640

Questions

What is the Fair Market Rent for ZIP code 55042?

HUD's FY2027 Small Area Fair Market Rents for 55042 are $1,320 (studio), $1,490 (1 BR), $1,810 (2 BR), $2,370 (3 BR) and $2,660 (4 BR) a month.

What is the Section 8 payment standard in 55042?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55042 that range is $1,629 to $1,991 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55042?

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.