FY2027 Small Area FMR · Minneapolis, MN

ZIP 55420 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55420 (Minneapolis, MN) is $1,590 a month, unchanged from FY2026. That is 8% below the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,590per month ■ 0.0%

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

Rank in the area143rdof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,431

2 BR Small Area FMR$1,590

110% of SAFMR$1,749

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

Studio$1,160■ 0.0%

1 BR$1,310■ 0.0%

2 BR$1,590■ 0.0%

3 BR$2,080▼ 1.0%

4 BR$2,330▼ 0.9%

FY2027 FY2026

Where 55420 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55420 has the 143rd 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 $1,590 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	$1,160	$1,044 – $1,276	$1,265	$1,160
1 bedroom	$1,310	$1,179 – $1,441	$1,427	$1,310
2 bedrooms	$1,590	$1,431 – $1,749	$1,734	$1,590
3 bedrooms	$2,080	$1,872 – $2,288	$2,264	$2,100
4 bedrooms	$2,330	$2,097 – $2,563	$2,538	$2,350

A household renting a two-bedroom home at the Small Area FMR of $1,590 needs about $63,600 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 55420 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
55431	Minneapolis	1.9 mi	$2,090
55423	Minneapolis	2.7 mi	$1,740
55425	Minneapolis	2.7 mi	$1,840
55437	Minneapolis	3.3 mi	$1,940
55450	Minneapolis	3.4 mi	$1,600
55435	Minneapolis	3.9 mi	$2,130

Questions

What is the Fair Market Rent for ZIP code 55420?

HUD's FY2027 Small Area Fair Market Rents for 55420 are $1,160 (studio), $1,310 (1 BR), $1,590 (2 BR), $2,080 (3 BR) and $2,330 (4 BR) a month.

What is the Section 8 payment standard in 55420?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55420 that range is $1,431 to $1,749 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55420?

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.