FY2027 Small Area FMR · Hamel, MN

ZIP 55340 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55340 (Hamel, MN) is $1,880 a month, down 7.8% from FY2026. That is 8% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,880per month ▼ 7.8%

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

Rank in the area67thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,692

2 BR Small Area FMR$1,880

110% of SAFMR$2,068

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

Studio$1,370▼ 7.4%

1 BR$1,540▼ 7.8%

2 BR$1,880▼ 7.8%

3 BR$2,450▼ 9.6%

4 BR$2,750▼ 9.5%

FY2027 FY2026

Where 55340 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55340 has the 67th 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 $1,880 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	$1,370	$1,233 – $1,507	$1,265	$1,480
1 bedroom	$1,540	$1,386 – $1,694	$1,427	$1,670
2 bedrooms	$1,880	$1,692 – $2,068	$1,734	$2,040
3 bedrooms	$2,450	$2,205 – $2,695	$2,264	$2,710
4 bedrooms	$2,750	$2,475 – $3,025	$2,538	$3,040

A household renting a two-bedroom home at the Small Area FMR of $1,880 needs about $75,200 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 55340 lies mainly in Hennepin 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
55311	Maple Grove	4.1 mi	$2,240
55446	Minneapolis	4.8 mi	$2,290
55357	Loretto	5.3 mi	$1,540
55356	Long Lake	5.9 mi	$2,220
55447	Minneapolis	6.7 mi	$2,040
55374	Rogers	6.7 mi	$1,960

Questions

What is the Fair Market Rent for ZIP code 55340?

HUD's FY2027 Small Area Fair Market Rents for 55340 are $1,370 (studio), $1,540 (1 BR), $1,880 (2 BR), $2,450 (3 BR) and $2,750 (4 BR) a month.

What is the Section 8 payment standard in 55340?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55340 that range is $1,692 to $2,068 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55340?

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.