FY2027 Small Area FMR · Minneapolis, MN
ZIP 55487 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 55487 (Minneapolis, MN) is $1,790 a month. That is 3% above the Minneapolis-St. Paul-Bloomington, MN-WI area-wide FMR of $1,734.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
Where 55487 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area
Of the 246 ZIP codes HUD lists for the area, 55487 has the 84th 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 $1,790 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $1,310 | $1,179 – $1,441 | $1,265 | — |
| 1 bedroom | $1,470 | $1,323 – $1,617 | $1,427 | — |
| 2 bedrooms | $1,790 | $1,611 – $1,969 | $1,734 | — |
| 3 bedrooms | $2,340 | $2,106 – $2,574 | $2,264 | — |
| 4 bedrooms | $2,620 | $2,358 – $2,882 | $2,538 | — |
A household renting a two-bedroom home at the Small Area FMR of $1,790 needs about $71,600 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 55487 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
Questions
What is the Fair Market Rent for ZIP code 55487?
HUD's FY2027 Small Area Fair Market Rents for 55487 are $1,310 (studio), $1,470 (1 BR), $1,790 (2 BR), $2,340 (3 BR) and $2,620 (4 BR) a month.
What is the Section 8 payment standard in 55487?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 55487 that range is $1,611 to $1,969 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 55487?
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.