FY2027 Small Area FMR · Minneapolis, MN

ZIP 55423 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55423 (Minneapolis, MN) is $1,740 a month, up 4.8% from FY2026. That is 0% equal to the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,740per month ▲ 4.8%

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

Rank in the area102ndof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,566

2 BR Small Area FMR$1,740

110% of SAFMR$1,914

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

Studio$1,270▲ 5.0%

1 BR$1,430▲ 5.1%

2 BR$1,740▲ 4.8%

3 BR$2,270▲ 3.2%

4 BR$2,550▲ 3.7%

FY2027 FY2026

Where 55423 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55423 has the 102nd 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 $1,740 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	$1,270	$1,143 – $1,397	$1,265	$1,210
1 bedroom	$1,430	$1,287 – $1,573	$1,427	$1,360
2 bedrooms	$1,740	$1,566 – $1,914	$1,734	$1,660
3 bedrooms	$2,270	$2,043 – $2,497	$2,264	$2,200
4 bedrooms	$2,550	$2,295 – $2,805	$2,538	$2,460

A household renting a two-bedroom home at the Small Area FMR of $1,740 needs about $69,600 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 55423 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
55419	Minneapolis	2.2 mi	$1,880
55435	Minneapolis	2.6 mi	$2,130
55450	Minneapolis	2.6 mi	$1,600
55420	Minneapolis	2.7 mi	$1,590
55410	Minneapolis	3.2 mi	$2,040
55425	Minneapolis	3.2 mi	$1,840

Questions

What is the Fair Market Rent for ZIP code 55423?

HUD's FY2027 Small Area Fair Market Rents for 55423 are $1,270 (studio), $1,430 (1 BR), $1,740 (2 BR), $2,270 (3 BR) and $2,550 (4 BR) a month.

What is the Section 8 payment standard in 55423?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55423 that range is $1,566 to $1,914 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55423?

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.