FY2027 Small Area FMR · Minneapolis, MN

ZIP 55415 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55415 (Minneapolis, MN) is $2,400 a month, down 4.0% from FY2026. That is 38% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$2,400per month ▼ 4.0%

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

Rank in the area7thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,160

2 BR Small Area FMR$2,400

110% of SAFMR$2,640

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

Studio$1,750▼ 3.8%

1 BR$1,980▼ 3.4%

2 BR$2,400▼ 4.0%

3 BR$3,130▼ 5.4%

4 BR$3,510▼ 5.1%

FY2027 FY2026

Where 55415 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55415 has the 7th 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 $2,400 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	$1,750	$1,575 – $1,925	$1,265	$1,820
1 bedroom	$1,980	$1,782 – $2,178	$1,427	$2,050
2 bedrooms	$2,400	$2,160 – $2,640	$1,734	$2,500
3 bedrooms	$3,130	$2,817 – $3,443	$2,264	$3,310
4 bedrooms	$3,510	$3,159 – $3,861	$2,538	$3,700

A household renting a two-bedroom home at the Small Area FMR of $2,400 needs about $96,000 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 55415 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	0.7 mi	$2,040
55401	Minneapolis	0.9 mi	$2,600
55454	Minneapolis	0.9 mi	$1,540
55404	Minneapolis	0.9 mi	$1,630
55455	Minneapolis	1.2 mi	$1,560
55403	Minneapolis	1.3 mi	$1,760

Questions

What is the Fair Market Rent for ZIP code 55415?

HUD's FY2027 Small Area Fair Market Rents for 55415 are $1,750 (studio), $1,980 (1 BR), $2,400 (2 BR), $3,130 (3 BR) and $3,510 (4 BR) a month.

What is the Section 8 payment standard in 55415?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55415 that range is $2,160 to $2,640 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55415?

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.