FY2027 Small Area FMR · Mankato, MN

ZIP 56003 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 56003 (Mankato, MN) is $1,070 a month, up 0.9% from FY2026. That is 13% below the Mankato, MN area-wide FMR of $1,230.

2-bedroom SAFMR$1,070per month ▲ 0.9%

Area-wide 2 BR FMR$1,230Mankato, MN

Rank in the area15thof 30 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$963

2 BR Small Area FMR$1,070

110% of SAFMR$1,177

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

Studio$880▲ 1.1%

1 BR$890▲ 1.1%

2 BR$1,070▲ 0.9%

3 BR$1,480▼ 0.7%

4 BR$1,730▼ 2.8%

FY2027 FY2026

Where 56003 sits in the Mankato, MN area

Of the 30 ZIP codes HUD lists for the area, 56003 has the 15th highest two-bedroom Small Area FMR. Mankato, MN 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 $1,230 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,070 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	$880	$792 – $968	$1,016	$870
1 bedroom	$890	$801 – $979	$1,023	$880
2 bedrooms	$1,070	$963 – $1,177	$1,230	$1,060
3 bedrooms	$1,480	$1,332 – $1,628	$1,703	$1,490
4 bedrooms	$1,730	$1,557 – $1,903	$1,744	$1,780

A household renting a two-bedroom home at the Small Area FMR of $1,070 needs about $42,800 a year to keep housing costs at 30% of income. The area median family income is $106,500 and the 80% low-income limit for four people is $85,200. ZIP code 56003 lies mainly in Nicollet County and Blue Earth County. See the Mankato, MN metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
56050	Kasota	7.9 mi	$1,060
56001	Mankato	8.4 mi	$1,350
56074	Nicollet	9.1 mi	$1,060
56055	Lake Crystal	9.5 mi	$1,060
56082	Saint Peter	9.9 mi	$1,120
56021	Courtland	12.2 mi	$1,070

Questions

What is the Fair Market Rent for ZIP code 56003?

HUD's FY2027 Small Area Fair Market Rents for 56003 are $880 (studio), $890 (1 BR), $1,070 (2 BR), $1,480 (3 BR) and $1,730 (4 BR) a month.

What is the Section 8 payment standard in 56003?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 56003 that range is $963 to $1,177 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 56003?

The FY2026 income limits of the Mankato, MN area apply: median family income $106,500, low-income (80%) limit $85,200 for a family of four.