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Dakota County/Farmington/55024

55024

ZIPSAFMR
Dakota County, MN
Zillow

ZIP Investment Score

84Below average

095130300
BRFMR
Eff. Rent
0 BR$1,270$1,400
1 BR$1,430$1,440
2 BR$1,740$1,830
3 BR$2,270$2,270
4 BR$2,550$2,730
5 BR$2,933Not available
6 BR$3,372Not available
7 BR$3,878Not available
8 BR$4,460Not available

Purchase Price Calculator

Maximum purchase price
$210,021

Cost breakdown

+Likely effective rent$1,830
HUD FMR$1,740
Market rent$1,880
Est. payment standard (105%)Used$1,830
-Principal and interest-$1,062
Loan amount$168,017
Down payment$42,004
Rate6.50%
Term30 years
-Operating costs-$568
Property taxes-$210
Insurance-$175
Utilities$0
HOA$0
Management-$183
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,368(69.9% ROI)
Projected value
$226,169
Return breakdown
Property appreciation+$16,149
Loan principal paid down+$6,020
Rental cash flow+$7,200
5-year hold
+$50,333(119.8% ROI)
Projected value
$237,619
Return breakdown
Property appreciation+$27,598
Loan principal paid down+$10,735
Rental cash flow+$12,000
10-year hold
+$108,402(258.1% ROI)
Projected value
$268,844
Return breakdown
Property appreciation+$58,824
Loan principal paid down+$25,579
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.82
1 BR
0.99
2 BR
0.93
3 BR
1.00
4 BR
0.90
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55024 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55024 (Farmington, MN) is $1,740 a month. That is up 2.4% from $1,700 in FY 2026. Farmington 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, 55024 has the 15th-highest two-bedroom rent (county range $1,540–$2,170). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55024 is 66% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55024
BedroomsFY 2027Change90–110% range
Studio$1,270+2.4%$1,143–$1,397
1BR$1,430+2.1%$1,287–$1,573
2BR$1,740+2.4%$1,566–$1,914
3BR$2,270+0.9%$2,043–$2,497
4BR$2,550+1.2%$2,295–$2,805

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55024
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,270$1,430$1,740$2,270$2,550
FY 2026$1,240$1,400$1,700$2,250$2,520
FY 2025$1,250$1,420$1,730$2,300$2,580
FY 2024$1,250$1,410$1,720$2,320$2,630
FY 2023$1,100$1,260$1,540$2,090$2,410

Two-bedroom rent in nearby Dakota County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55024
55009$1,540−11.5%
55010$1,830+5.2%
55018$1,650−5.2%
55024Current$1,740—
55031$1,540−11.5%
55033$1,540−11.5%
55044$2,170+24.7%
55057$1,540−11.5%
55065$1,910+9.8%
55068$1,960+12.6%
55075$1,540−11.5%
55076$1,650−5.2%

Questions about ZIP 55024 rents

How much will Section 8 pay for a two-bedroom in ZIP 55024?

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 $1,740 it would be $1,566 to $1,914. 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 55024 in?

ZIP 55024 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 55024 for FY 2027?

The two-bedroom FMR rose 2.4%, from $1,700 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 13.0%.

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 rentFarmington, MN fair market rentMN statewide rentsWhat is SAFMR?Data sources