FY2027 Small Area FMR · Minneapolis, MN

ZIP 55431 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55431 (Minneapolis, MN) is $2,090 a month, down 0.5% from FY2026. That is 21% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$2,090per month ▼ 0.5%

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

Rank in the area32ndof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,881

2 BR Small Area FMR$2,090

110% of SAFMR$2,299

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

Studio$1,520▼ 0.7%

1 BR$1,720▼ 0.6%

2 BR$2,090▼ 0.5%

3 BR$2,730▼ 1.8%

4 BR$3,060▼ 1.6%

FY2027 FY2026

Where 55431 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55431 has the 32nd 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 $2,090 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	$1,520	$1,368 – $1,672	$1,265	$1,530
1 bedroom	$1,720	$1,548 – $1,892	$1,427	$1,730
2 bedrooms	$2,090	$1,881 – $2,299	$1,734	$2,100
3 bedrooms	$2,730	$2,457 – $3,003	$2,264	$2,780
4 bedrooms	$3,060	$2,754 – $3,366	$2,538	$3,110

A household renting a two-bedroom home at the Small Area FMR of $2,090 needs about $83,600 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 55431 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
55437	Minneapolis	1.5 mi	$1,940
55420	Minneapolis	1.9 mi	$1,590
55435	Minneapolis	3.6 mi	$2,130
55438	Minneapolis	3.6 mi	$1,870
55423	Minneapolis	3.7 mi	$1,740
55337	Burnsville	3.7 mi	$1,870

Questions

What is the Fair Market Rent for ZIP code 55431?

HUD's FY2027 Small Area Fair Market Rents for 55431 are $1,520 (studio), $1,720 (1 BR), $2,090 (2 BR), $2,730 (3 BR) and $3,060 (4 BR) a month.

What is the Section 8 payment standard in 55431?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55431 that range is $1,881 to $2,299 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55431?

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.