FY2027 Small Area FMR · Minneapolis, MN

ZIP 55403 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55403 (Minneapolis, MN) is $1,760 a month, up 3.5% from FY2026. That is 1% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,760per month ▲ 3.5%

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

Rank in the area98thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,584

2 BR Small Area FMR$1,760

110% of SAFMR$1,936

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

Studio$1,280▲ 3.2%

1 BR$1,450▲ 3.6%

2 BR$1,760▲ 3.5%

3 BR$2,300▲ 2.2%

4 BR$2,580▲ 2.4%

FY2027 FY2026

Where 55403 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55403 has the 98th 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 $1,760 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	$1,280	$1,152 – $1,408	$1,265	$1,240
1 bedroom	$1,450	$1,305 – $1,595	$1,427	$1,400
2 bedrooms	$1,760	$1,584 – $1,936	$1,734	$1,700
3 bedrooms	$2,300	$2,070 – $2,530	$2,264	$2,250
4 bedrooms	$2,580	$2,322 – $2,838	$2,538	$2,520

A household renting a two-bedroom home at the Small Area FMR of $1,760 needs about $70,400 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 55403 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
55402	Minneapolis	0.8 mi	$2,040
55405	Minneapolis	0.9 mi	$1,540
55404	Minneapolis	1.3 mi	$1,630
55401	Minneapolis	1.3 mi	$2,600
55415	Minneapolis	1.3 mi	$2,400
55408	Minneapolis	2.1 mi	$1,980

Questions

What is the Fair Market Rent for ZIP code 55403?

HUD's FY2027 Small Area Fair Market Rents for 55403 are $1,280 (studio), $1,450 (1 BR), $1,760 (2 BR), $2,300 (3 BR) and $2,580 (4 BR) a month.

What is the Section 8 payment standard in 55403?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55403 that range is $1,584 to $1,936 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55403?

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.