FY2027 Small Area FMR · Owatonna, MN
ZIP 55060 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55060 (Owatonna, MN) is $1,250 a month, up 8.7% from FY2026. That is 0% equal to the Steele County, MN area-wide FMR of $1,244.
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 55060 sits in the Steele County, MN area
Of the 14 ZIP codes HUD lists for the area, 55060 has the 7th highest two-bedroom Small Area FMR. Steele 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 $1,244 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,250 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $870 | $783 – $957 | $866 | $790 |
| 1 bedroom | $960 | $864 – $1,056 | $951 | $880 |
| 2 bedrooms | $1,250 | $1,125 – $1,375 | $1,244 | $1,150 |
| 3 bedrooms | $1,710 | $1,539 – $1,881 | $1,703 | $1,560 |
| 4 bedrooms | $1,820 | $1,638 – $2,002 | $1,814 | $1,830 |
A household renting a two-bedroom home at the Small Area FMR of $1,250 needs about $50,000 a year to keep housing costs at 30% of income. The area median family income is $117,000 and the 80% low-income limit for four people is $93,600. ZIP code 55060 lies mainly in Steele County. See the Steele 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 55060?
HUD's FY2027 Small Area Fair Market Rents for 55060 are $870 (studio), $960 (1 BR), $1,250 (2 BR), $1,710 (3 BR) and $1,820 (4 BR) a month.
What is the Section 8 payment standard in 55060?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55060 that range is $1,125 to $1,375 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 55060?
The FY2026 income limits of the Steele County, MN area apply: median family income $117,000, low-income (80%) limit $93,600 for a family of four.