FY2027 Small Area FMR · Minneapolis, MN

ZIP 55416 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55416 (Minneapolis, MN) is $2,280 a month, up 5.6% from FY2026. That is 31% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$2,280per month ▲ 5.6%

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

Rank in the area12thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,052

2 BR Small Area FMR$2,280

110% of SAFMR$2,508

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

Studio$1,660▲ 5.7%

1 BR$1,880▲ 5.6%

2 BR$2,280▲ 5.6%

3 BR$2,980▲ 4.2%

4 BR$3,340▲ 4.4%

FY2027 FY2026

Where 55416 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55416 has the 12th 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 $2,280 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	$1,660	$1,494 – $1,826	$1,265	$1,570
1 bedroom	$1,880	$1,692 – $2,068	$1,427	$1,780
2 bedrooms	$2,280	$2,052 – $2,508	$1,734	$2,160
3 bedrooms	$2,980	$2,682 – $3,278	$2,264	$2,860
4 bedrooms	$3,340	$3,006 – $3,674	$2,538	$3,200

A household renting a two-bedroom home at the Small Area FMR of $2,280 needs about $91,200 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 55416 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
55426	Minneapolis	1.9 mi	$1,830
55408	Minneapolis	2.2 mi	$1,980
55405	Minneapolis	2.3 mi	$1,540
55410	Minneapolis	2.8 mi	$2,040
55403	Minneapolis	2.9 mi	$1,760
55409	Minneapolis	3.0 mi	$1,650

Questions

What is the Fair Market Rent for ZIP code 55416?

HUD's FY2027 Small Area Fair Market Rents for 55416 are $1,660 (studio), $1,880 (1 BR), $2,280 (2 BR), $2,980 (3 BR) and $3,340 (4 BR) a month.

What is the Section 8 payment standard in 55416?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55416 that range is $2,052 to $2,508 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55416?

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.