FY2027 Small Area FMR · Oak Island, MN

ZIP 56741 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 56741 (Oak Island, MN) is $1,150 a month, up 13.9% from FY2026. That is 0% equal to the Lake of the Woods County, MN area-wide FMR of $1,154.

2-bedroom SAFMR$1,150per month ▲ 13.9%

Area-wide 2 BR FMR$1,154Lake of the Woods County, MN

Rank in the area3rdof 5 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,035

2 BR Small Area FMR$1,150

110% of SAFMR$1,265

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

Studio$800▲ 14.3%

1 BR$880▲ 14.3%

2 BR$1,150▲ 13.9%

3 BR$1,370▲ 13.2%

4 BR$1,680▲ 14.3%

FY2027 FY2026

Where 56741 sits in the Lake of the Woods County, MN area

Of the 5 ZIP codes HUD lists for the area, 56741 has the 3rd highest two-bedroom Small Area FMR. Lake of the Woods 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 $1,154 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,150 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	$800	$720 – $880	$804	$700
1 bedroom	$880	$792 – $968	$882	$770
2 bedrooms	$1,150	$1,035 – $1,265	$1,154	$1,010
3 bedrooms	$1,370	$1,233 – $1,507	$1,375	$1,210
4 bedrooms	$1,680	$1,512 – $1,848	$1,685	$1,470

A household renting a two-bedroom home at the Small Area FMR of $1,150 needs about $46,000 a year to keep housing costs at 30% of income. The area median family income is $99,100 and the 80% low-income limit for four people is $79,300. ZIP code 56741 lies mainly in Lake of the Woods County. See the Lake of the Woods County, MN county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
56711	Angle Inlet	4.9 mi	$1,050
56673	Roosevelt	35.3 mi	$1,170
56686	Williams	36.2 mi	$1,150
56763	Warroad	40.9 mi	$1,010
56756	Salol	42.1 mi	$1,040
56623	Baudette	50.3 mi	$1,160

Questions

What is the Fair Market Rent for ZIP code 56741?

HUD's FY2027 Small Area Fair Market Rents for 56741 are $800 (studio), $880 (1 BR), $1,150 (2 BR), $1,370 (3 BR) and $1,680 (4 BR) a month.

What is the Section 8 payment standard in 56741?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 56741 that range is $1,035 to $1,265 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 56741?

The FY2026 income limits of the Lake of the Woods County, MN area apply: median family income $99,100, low-income (80%) limit $79,300 for a family of four.