FMR is below market; voucher rent may lag private rents.
0.76
1 BR
1 BR- 55387
0.90ratio
FMR$1,370
Market$1,520
vs market-$150
FMR is near market; voucher and private rents are aligned.
0.90
2 BR
2 BR- 55387
0.77ratio
FMR$1,670
Market$2,170
vs market-$500
FMR is below market; voucher rent may lag private rents.
0.77
3 BR
3 BR- 55387
0.84ratio
FMR$2,180
Market$2,600
vs market-$420
FMR is below market; voucher rent may lag private rents.
0.84
4 BR
4 BR- 55387
0.79ratio
FMR$2,440
Market$3,080
vs market-$640
FMR is below market; voucher rent may lag private rents.
0.79
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
--
Waconia, MN fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Waconia, MN is $1,670 a month. That is up 2.5% from $1,630 in FY 2026. Waconia is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro 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 metro-wide two-bedroom FMR of $1,734. The median county two-bedroom FMR in Minnesota is $1,048, so Waconia is 59% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Waconia, MN
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,180
$1,220
+3.4%
$1,098–$1,342
1BR
$1,340
$1,370
+2.2%
$1,233–$1,507
2BR
$1,630
$1,670
+2.5%
$1,503–$1,837
3BR
$2,160
$2,180
+0.9%
$1,962–$2,398
4BR
$2,410
$2,440
+1.2%
$2,196–$2,684
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Waconia, MN
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,220
$1,370
$1,670
$2,180
$2,440
FY 2026
$1,180
$1,340
$1,630
$2,160
$2,410
FY 2025
$1,150
$1,300
$1,590
$2,120
$2,370
FY 2024
$1,090
$1,240
$1,510
$2,040
$2,310
FY 2023
$920
$1,050
$1,290
$1,750
$2,020
Questions about Waconia, MN rents
How much will Section 8 pay for a two-bedroom in Waconia, MN?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,734, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,561 to $1,907 a month; under the ZIP-level Small Area FMR of $1,670 it would be $1,503 to $1,837. 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 Waconia, MN in?
Waconia, MN is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,734.
How much did fair market rent change in Waconia, MN for FY 2027?
The two-bedroom FMR rose 2.5%, from $1,630 in FY 2026 to $1,670 in FY 2027. Since FY 2023 it has risen 29.5%.
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