FY2027 Small Area FMR · Minneapolis, MN

ZIP 55428 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55428 (Minneapolis, MN) is $1,580 a month, up 1.3% from FY2026. That is 9% below the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,580per month ▲ 1.3%

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

Rank in the area147thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,422

2 BR Small Area FMR$1,580

110% of SAFMR$1,738

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

Studio$1,150▲ 1.8%

1 BR$1,300▲ 1.6%

2 BR$1,580▲ 1.3%

3 BR$2,060■ 0.0%

4 BR$2,310■ 0.0%

FY2027 FY2026

Where 55428 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55428 has the 147th 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 $1,580 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	$1,150	$1,035 – $1,265	$1,265	$1,130
1 bedroom	$1,300	$1,170 – $1,430	$1,427	$1,280
2 bedrooms	$1,580	$1,422 – $1,738	$1,734	$1,560
3 bedrooms	$2,060	$1,854 – $2,266	$2,264	$2,060
4 bedrooms	$2,310	$2,079 – $2,541	$2,538	$2,310

A household renting a two-bedroom home at the Small Area FMR of $1,580 needs about $63,200 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 55428 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
55429	Minneapolis	2.0 mi	$1,540
55442	Minneapolis	2.4 mi	$2,200
55430	Minneapolis	3.9 mi	$1,660
55427	Minneapolis	4.0 mi	$1,780
55445	Minneapolis	4.1 mi	$2,500
55422	Minneapolis	4.2 mi	$1,890

Questions

What is the Fair Market Rent for ZIP code 55428?

HUD's FY2027 Small Area Fair Market Rents for 55428 are $1,150 (studio), $1,300 (1 BR), $1,580 (2 BR), $2,060 (3 BR) and $2,310 (4 BR) a month.

What is the Section 8 payment standard in 55428?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55428 that range is $1,422 to $1,738 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55428?

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.