FY2027 Small Area FMR · Minneapolis, MN

ZIP 55424 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55424 (Minneapolis, MN) is $2,290 a month, up 1.8% from FY2026. That is 32% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$2,290per month ▲ 1.8%

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

Rank in the area10thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,061

2 BR Small Area FMR$2,290

110% of SAFMR$2,519

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

Studio$1,670▲ 1.8%

1 BR$1,880▲ 1.6%

2 BR$2,290▲ 1.8%

3 BR$2,990▲ 0.3%

4 BR$3,350▲ 0.6%

FY2027 FY2026

Where 55424 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55424 has the 10th 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 $2,290 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	$1,670	$1,503 – $1,837	$1,265	$1,640
1 bedroom	$1,880	$1,692 – $2,068	$1,427	$1,850
2 bedrooms	$2,290	$2,061 – $2,519	$1,734	$2,250
3 bedrooms	$2,990	$2,691 – $3,289	$2,264	$2,980
4 bedrooms	$3,350	$3,015 – $3,685	$2,538	$3,330

A household renting a two-bedroom home at the Small Area FMR of $2,290 needs about $91,600 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 55424 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
55410	Minneapolis	1.3 mi	$2,040
55436	Minneapolis	1.4 mi	$2,180
55435	Minneapolis	2.2 mi	$2,130
55439	Minneapolis	2.5 mi	$1,990
55419	Minneapolis	2.8 mi	$1,880
55416	Minneapolis	3.1 mi	$2,280

Questions

What is the Fair Market Rent for ZIP code 55424?

HUD's FY2027 Small Area Fair Market Rents for 55424 are $1,670 (studio), $1,880 (1 BR), $2,290 (2 BR), $2,990 (3 BR) and $3,350 (4 BR) a month.

What is the Section 8 payment standard in 55424?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55424 that range is $2,061 to $2,519 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55424?

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.