Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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ZIP 55010 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55010 (Castle Rock, MN) is $1,830 a month. That is up 1.7% from $1,800 in FY 2026. Castle Rock 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. Among 27 ZIP codes in Dakota County, 55010 has the 12th-highest two-bedroom rent (county range $1,540–$2,170). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55010 is 75% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 55010
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,310
$1,340
+2.3%
$1,206–$1,474
1BR
$1,480
$1,510
+2.0%
$1,359–$1,661
2BR
$1,800
$1,830
+1.7%
$1,647–$2,013
3BR
$2,380
$2,390
+0.4%
$2,151–$2,629
4BR
$2,670
$2,680
+0.4%
$2,412–$2,948
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 55010
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,340
$1,510
$1,830
$2,390
$2,680
FY 2026
$1,310
$1,480
$1,800
$2,380
$2,670
FY 2025
$1,290
$1,460
$1,780
$2,370
$2,650
FY 2024
$1,240
$1,400
$1,710
$2,310
$2,610
FY 2023
$1,060
$1,210
$1,480
$2,010
$2,320
Two-bedroom rent in nearby Dakota County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 55010?
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 $1,830 it would be $1,647 to $2,013. 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 ZIP 55010 in?
ZIP 55010 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 ZIP 55010 for FY 2027?
The two-bedroom FMR rose 1.7%, from $1,800 in FY 2026 to $1,830 in FY 2027. Since FY 2023 it has risen 23.6%.
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