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Scott County/Elko New Market/55020

55020

ZIPSAFMR
Scott County, MN
Zillow

ZIP Investment Score

76Below average

095130300
BRFMR
Eff. Rent
0 BR$1,570$1,570
1 BR$1,770$1,770
2 BR$2,150$2,150
3 BR$2,800$2,800
4 BR$3,150$3,150
5 BR$3,622Not available
6 BR$4,166Not available
7 BR$4,791Not available
8 BR$5,509Not available

Purchase Price Calculator

Maximum purchase price
$257,573

Cost breakdown

+Likely effective rent$2,150
HUD FMRUsed$2,150
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,302
Loan amount$206,058
Down payment$51,515
Rate6.50%
Term30 years
-Operating costs-$648
Property taxes-$258
Insurance-$175
Utilities$0
HOA$0
Management-$215
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$34,387(66.8% ROI)
Projected value
$277,378
Return breakdown
Property appreciation+$19,805
Loan principal paid down+$7,383
Rental cash flow+$7,200
5-year hold
+$59,012(114.6% ROI)
Projected value
$291,420
Return breakdown
Property appreciation+$33,847
Loan principal paid down+$13,165
Rental cash flow+$12,000
10-year hold
+$127,512(247.5% ROI)
Projected value
$329,715
Return breakdown
Property appreciation+$72,142
Loan principal paid down+$31,370
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

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
--
Mortgage rate
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ZIP 55020 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55020 (Elko New Market, MN) is $2,150 a month. That is up 0.5% from $2,140 in FY 2026. Elko New Market 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 12 ZIP codes in Scott County, 55020 has the 3rd-highest two-bedroom rent (county range $1,540–$2,530). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55020 is 105% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55020
BedroomsFY 2027Change90–110% range
Studio$1,570+1.3%$1,413–$1,727
1BR$1,770+0.6%$1,593–$1,947
2BR$2,150+0.5%$1,935–$2,365
3BR$2,800−1.1%$2,520–$3,080
4BR$3,150−0.6%$2,835–$3,465

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55020
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,570$1,770$2,150$2,800$3,150
FY 2026$1,550$1,760$2,140$2,830$3,170
FY 2025$1,370$1,490$1,870$2,480$2,870
FY 2024$1,350$1,520$1,860$2,500$2,840
FY 2023$1,180$1,350$1,650$2,250$2,590

Two-bedroom rent in nearby Scott County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55020
55020Current$2,150—
55044$2,170+0.9%
55054$2,530+17.7%
55088$1,540−28.4%
55337$1,870−13.0%
55352$1,540−28.4%
55372$1,750−18.6%
55378$2,030−5.6%
55379$1,890−12.1%
56011$1,610−25.1%
56044$1,540−28.4%
56071$1,550−27.9%

Questions about ZIP 55020 rents

How much will Section 8 pay for a two-bedroom in ZIP 55020?

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 $2,150 it would be $1,935 to $2,365. 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 55020 in?

ZIP 55020 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 55020 for FY 2027?

The two-bedroom FMR rose 0.5%, from $2,140 in FY 2026 to $2,150 in FY 2027. Since FY 2023 it has risen 30.3%.

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

County fair market rentElko New Market, MN fair market rentMN statewide rentsWhat is SAFMR?Data sources