FY2027 Small Area FMR · Fairfax, MN
ZIP 55332 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55332 (Fairfax, MN) is $1,090 a month, up 2.8% from FY2026. That is 11% below the Mankato, MN area-wide FMR of $1,230.
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 55332 sits in the Mankato, MN area
Of the 30 ZIP codes HUD lists for the area, 55332 has the 14th highest two-bedroom Small Area FMR. Mankato, 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 $1,230 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,090 for this ZIP code instead.
ZIP code 55332 crosses more than one HUD area. HUD also lists it under Renville County, MN (same figures) and Sibley 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 | $880 | $792 – $968 | $1,016 | $870 |
| 1 bedroom | $880 | $792 – $968 | $1,023 | $880 |
| 2 bedrooms | $1,090 | $981 – $1,199 | $1,230 | $1,060 |
| 3 bedrooms | $1,470 | $1,323 – $1,617 | $1,703 | $1,490 |
| 4 bedrooms | $1,790 | $1,611 – $1,969 | $1,744 | $1,780 |
A household renting a two-bedroom home at the Small Area FMR of $1,090 needs about $43,600 a year to keep housing costs at 30% of income. The area median family income is $106,500 and the 80% low-income limit for four people is $85,200. ZIP code 55332 lies mainly in Renville County, Nicollet County and Sibley County. See the Mankato, MN metro page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 55332?
HUD's FY2027 Small Area Fair Market Rents for 55332 are $880 (studio), $880 (1 BR), $1,090 (2 BR), $1,470 (3 BR) and $1,790 (4 BR) a month.
What is the Section 8 payment standard in 55332?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55332 that range is $981 to $1,199 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 55332?
The FY2026 income limits of the Mankato, MN area apply: median family income $106,500, low-income (80%) limit $85,200 for a family of four.