FY2027 Small Area FMR · Minneapolis, MN

ZIP 55427 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55427 (Minneapolis, MN) is $1,780 a month, up 2.3% from FY2026. That is 3% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,780per month ▲ 2.3%

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

Rank in the area93rdof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,602

2 BR Small Area FMR$1,780

110% of SAFMR$1,958

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

Studio$1,300▲ 3.2%

1 BR$1,460▲ 2.1%

2 BR$1,780▲ 2.3%

3 BR$2,320▲ 0.9%

4 BR$2,610▲ 1.2%

FY2027 FY2026

Where 55427 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55427 has the 93rd 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 $1,780 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	$1,300	$1,170 – $1,430	$1,265	$1,260
1 bedroom	$1,460	$1,314 – $1,606	$1,427	$1,430
2 bedrooms	$1,780	$1,602 – $1,958	$1,734	$1,740
3 bedrooms	$2,320	$2,088 – $2,552	$2,264	$2,300
4 bedrooms	$2,610	$2,349 – $2,871	$2,538	$2,580

A household renting a two-bedroom home at the Small Area FMR of $1,780 needs about $71,200 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 55427 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
55422	Minneapolis	1.9 mi	$1,890
55441	Minneapolis	2.2 mi	$1,890
55426	Minneapolis	3.3 mi	$1,830
55442	Minneapolis	3.8 mi	$2,200
55428	Minneapolis	4.0 mi	$1,580
55411	Minneapolis	4.0 mi	$1,690

Questions

What is the Fair Market Rent for ZIP code 55427?

HUD's FY2027 Small Area Fair Market Rents for 55427 are $1,300 (studio), $1,460 (1 BR), $1,780 (2 BR), $2,320 (3 BR) and $2,610 (4 BR) a month.

What is the Section 8 payment standard in 55427?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55427 that range is $1,602 to $1,958 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55427?

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.