FY2027 Small Area FMR · Delavan, MN

ZIP 56023 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 56023 (Delavan, MN) is $1,070 a month, up 10.3% from FY2026. That is 6% above the Faribault County, MN area-wide FMR of $1,014.

2-bedroom SAFMR$1,070per month ▲ 10.3%

Area-wide 2 BR FMR$1,014Faribault County, MN

Rank in the area7thof 16 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$750▲ 11.9%

1 BR$910▲ 15.2%

2 BR$1,070▲ 10.3%

3 BR$1,460▲ 11.5%

4 BR$1,470▲ 11.4%

FY2027 FY2026

Where 56023 sits in the Faribault County, MN area

Of the 16 ZIP codes HUD lists for the area, 56023 has the 7th highest two-bedroom Small Area FMR. Faribault County, 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 $1,014 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	$750	$675 – $825	$706	$670
1 bedroom	$910	$819 – $1,001	$859	$790
2 bedrooms	$1,070	$963 – $1,177	$1,014	$970
3 bedrooms	$1,460	$1,314 – $1,606	$1,386	$1,310
4 bedrooms	$1,470	$1,323 – $1,617	$1,391	$1,320

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 $88,200 and the 80% low-income limit for four people is $78,400. ZIP code 56023 lies mainly in Faribault County. See the Faribault County, MN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
56025	Easton	5.2 mi	$1,320
56098	Winnebago	8.4 mi	$1,050
56010	Amboy	11.0 mi	$1,060
56068	Minnesota Lake	11.8 mi	$1,180
56065	Mapleton	11.8 mi	$1,060
56013	Blue Earth	12.1 mi	$1,070

Questions

What is the Fair Market Rent for ZIP code 56023?

HUD's FY2027 Small Area Fair Market Rents for 56023 are $750 (studio), $910 (1 BR), $1,070 (2 BR), $1,460 (3 BR) and $1,470 (4 BR) a month.

What is the Section 8 payment standard in 56023?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 56023 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 56023?

The FY2026 income limits of the Faribault County, MN area apply: median family income $88,200, low-income (80%) limit $78,400 for a family of four.