FY2027 Small Area FMR · Hope, MN

ZIP 56046 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 56046 (Hope, MN) is $1,230 a month, up 7.9% from FY2026. That is 1% below the Steele County, MN area-wide FMR of $1,244.

2-bedroom SAFMR$1,230per month ▲ 7.9%

Area-wide 2 BR FMR$1,244Steele County, MN

Rank in the area9thof 14 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,107

2 BR Small Area FMR$1,230

110% of SAFMR$1,353

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

Studio$860▲ 10.3%

1 BR$950▲ 9.2%

2 BR$1,230▲ 7.9%

3 BR$1,680▲ 9.1%

4 BR$1,790▼ 1.1%

FY2027 FY2026

Where 56046 sits in the Steele County, MN area

Of the 14 ZIP codes HUD lists for the area, 56046 has the 9th highest two-bedroom Small Area FMR. Steele 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 $1,244 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,230 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	$860	$774 – $946	$866	$780
1 bedroom	$950	$855 – $1,045	$951	$870
2 bedrooms	$1,230	$1,107 – $1,353	$1,244	$1,140
3 bedrooms	$1,680	$1,512 – $1,848	$1,703	$1,540
4 bedrooms	$1,790	$1,611 – $1,969	$1,814	$1,810

A household renting a two-bedroom home at the Small Area FMR of $1,230 needs about $49,200 a year to keep housing costs at 30% of income. The area median family income is $117,000 and the 80% low-income limit for four people is $93,600. ZIP code 56046 lies mainly in Steele County. See the Steele County, MN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
56026	Ellendale	5.5 mi	$1,040
55060	Owatonna	7.0 mi	$1,250
56035	Geneva	10.0 mi	$1,030
55917	Blooming Prairie	11.2 mi	$1,270
55924	Claremont	12.9 mi	$1,270
56072	New Richland	13.0 mi	$1,030

Questions

What is the Fair Market Rent for ZIP code 56046?

HUD's FY2027 Small Area Fair Market Rents for 56046 are $860 (studio), $950 (1 BR), $1,230 (2 BR), $1,680 (3 BR) and $1,790 (4 BR) a month.

What is the Section 8 payment standard in 56046?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 56046 that range is $1,107 to $1,353 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 56046?

The FY2026 income limits of the Steele County, MN area apply: median family income $117,000, low-income (80%) limit $93,600 for a family of four.