FY2027 Small Area FMR · Minneapolis, MN

ZIP 55404 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55404 (Minneapolis, MN) is $1,630 a month, up 3.2% from FY2026. That is 6% below the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,630per month ▲ 3.2%

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

Rank in the area131stof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,467

2 BR Small Area FMR$1,630

110% of SAFMR$1,793

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

Studio$1,190▲ 3.5%

1 BR$1,340▲ 3.1%

2 BR$1,630▲ 3.2%

3 BR$2,130▲ 1.9%

4 BR$2,390▲ 2.1%

FY2027 FY2026

Where 55404 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55404 has the 131st 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 $1,630 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	$1,190	$1,071 – $1,309	$1,265	$1,150
1 bedroom	$1,340	$1,206 – $1,474	$1,427	$1,300
2 bedrooms	$1,630	$1,467 – $1,793	$1,734	$1,580
3 bedrooms	$2,130	$1,917 – $2,343	$2,264	$2,090
4 bedrooms	$2,390	$2,151 – $2,629	$2,538	$2,340

A household renting a two-bedroom home at the Small Area FMR of $1,630 needs about $65,200 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 55404 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
55415	Minneapolis	0.9 mi	$2,400
55402	Minneapolis	1.1 mi	$2,040
55454	Minneapolis	1.1 mi	$1,540
55403	Minneapolis	1.3 mi	$1,760
55455	Minneapolis	1.5 mi	$1,560
55401	Minneapolis	1.6 mi	$2,600

Questions

What is the Fair Market Rent for ZIP code 55404?

HUD's FY2027 Small Area Fair Market Rents for 55404 are $1,190 (studio), $1,340 (1 BR), $1,630 (2 BR), $2,130 (3 BR) and $2,390 (4 BR) a month.

What is the Section 8 payment standard in 55404?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55404 that range is $1,467 to $1,793 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55404?

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.