FY2027 Small Area FMR · Minneapolis, MN

ZIP 55438 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55438 (Minneapolis, MN) is $1,870 a month, up 0.5% from FY2026. That is 8% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.

2-bedroom SAFMR$1,870per month ▲ 0.5%

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

Rank in the area70thof 246 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,683

2 BR Small Area FMR$1,870

110% of SAFMR$2,057

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

Studio$1,360▲ 0.7%

1 BR$1,540▲ 0.7%

2 BR$1,870▲ 0.5%

3 BR$2,440▼ 0.8%

4 BR$2,740▼ 0.4%

FY2027 FY2026

Where 55438 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area

Of the 246 ZIP codes HUD lists for the area, 55438 has the 70th 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 $1,870 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	$1,360	$1,224 – $1,496	$1,265	$1,350
1 bedroom	$1,540	$1,386 – $1,694	$1,427	$1,530
2 bedrooms	$1,870	$1,683 – $2,057	$1,734	$1,860
3 bedrooms	$2,440	$2,196 – $2,684	$2,264	$2,460
4 bedrooms	$2,740	$2,466 – $3,014	$2,538	$2,750

A household renting a two-bedroom home at the Small Area FMR of $1,870 needs about $74,800 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 55438 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	2.1 mi	$1,940
55344	Eden Prairie	3.5 mi	$2,130
55431	Minneapolis	3.6 mi	$2,090
55439	Minneapolis	3.7 mi	$1,990
55347	Eden Prairie	3.7 mi	$2,390
55435	Minneapolis	4.3 mi	$2,130

Questions

What is the Fair Market Rent for ZIP code 55438?

HUD's FY2027 Small Area Fair Market Rents for 55438 are $1,360 (studio), $1,540 (1 BR), $1,870 (2 BR), $2,440 (3 BR) and $2,740 (4 BR) a month.

What is the Section 8 payment standard in 55438?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55438 that range is $1,683 to $2,057 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 55438?

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.