FMR is near market; voucher and private rents are aligned.
0.96
1 BR
1 BR- 55060
0.99ratio
FMR$960
Market$970
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR- 55060
0.93ratio
FMR$1,250
Market$1,350
vs market-$100
FMR is near market; voucher and private rents are aligned.
0.93
3 BR
3 BR- 55060
1.17ratio
FMR$1,710
Market$1,460
vs market+$250
FMR is above market; underwrite to market rent.
1.17
4 BR
4 BR- 55060
1.16ratio
FMR$1,820
Market$1,570
vs market+$250
FMR is above market; underwrite to market rent.
1.16
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Owatonna, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Owatonna, MN is $1,250 a month. That is up 8.7% from $1,150 in FY 2026. Owatonna is in the Steele County, MN non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $1,244. The median county two-bedroom FMR in Minnesota is $1,048, so Owatonna is 19% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Owatonna, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$790
$870
+10.1%
$783–$957
1BR
$880
$960
+9.1%
$864–$1,056
2BR
$1,150
$1,250
+8.7%
$1,125–$1,375
3BR
$1,560
$1,710
+9.6%
$1,539–$1,881
4BR
$1,830
$1,820
−0.5%
$1,638–$2,002
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Owatonna, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$870
$960
$1,250
$1,710
$1,820
FY 2026
$790
$880
$1,150
$1,560
$1,830
FY 2025
$730
$800
$1,040
$1,460
$1,750
FY 2024area FMR
$808
$814
$1,061
$1,495
$1,801
FY 2023area FMR
$666
$726
$939
$1,334
$1,599
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Questions about Owatonna, MN rents
How much will Section 8 pay for a two-bedroom in Owatonna, MN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,244, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,120 to $1,368 a month; under the ZIP-level Small Area FMR of $1,250 it would be $1,125 to $1,375. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Owatonna, MN in?
Owatonna, MN is in the Steele County, MN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,244.
How much did fair market rent change in Owatonna, MN for FY 2027?
The two-bedroom FMR rose 8.7%, from $1,150 in FY 2026 to $1,250 in FY 2027. Since FY 2025 it has risen 20.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set