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Anoka County/Hugo/55038

55038

ZIPSAFMR
Anoka County, MN
Zillow

ZIP Investment Score

80Below average

095130300
BRFMR
Eff. Rent
0 BR$1,560$1,720
1 BR$1,760$1,700
2 BR$2,140$1,860
3 BR$2,790$2,400
4 BR$3,130$2,870
5 BR$3,599Not available
6 BR$4,139Not available
7 BR$4,760Not available
8 BR$5,474Not available

Purchase Price Calculator

Maximum purchase price
$214,479

Cost breakdown

+Likely effective rent$1,860
HUD FMR$2,140
Market rentUsed$1,860
Est. payment standard (91%)$1,960
-Principal and interest-$1,085
Loan amount$171,583
Down payment$42,896
Rate6.50%
Term30 years
-Operating costs-$575
Property taxes-$214
Insurance-$175
Utilities$0
HOA$0
Management-$186
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,839(69.6% ROI)
Projected value
$230,970
Return breakdown
Property appreciation+$16,491
Loan principal paid down+$6,147
Rental cash flow+$7,200
5-year hold
+$51,147(119.2% ROI)
Projected value
$242,663
Return breakdown
Property appreciation+$28,184
Loan principal paid down+$10,962
Rental cash flow+$12,000
10-year hold
+$110,194(256.9% ROI)
Projected value
$274,551
Return breakdown
Property appreciation+$60,072
Loan principal paid down+$26,122
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.78
1 BR
1.04
2 BR
1.15
3 BR
1.16
4 BR
1.09
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55038 (Hugo, MN) is $2,140 a month. That is down 2.7% from $2,200 in FY 2026. Hugo 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 22 ZIP codes in Anoka County, 55038 has the 2nd-highest two-bedroom rent (county range $1,540–$2,180). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55038 is 104% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55038
BedroomsFY 2027Change90–110% range
Studio$1,560−2.5%$1,404–$1,716
1BR$1,760−2.8%$1,584–$1,936
2BR$2,140−2.7%$1,926–$2,354
3BR$2,790−4.1%$2,511–$3,069
4BR$3,130−4.0%$2,817–$3,443

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55038
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,560$1,760$2,140$2,790$3,130
FY 2026$1,600$1,810$2,200$2,910$3,260
FY 2025$1,580$1,790$2,180$2,900$3,250
FY 2024$1,540$1,740$2,130$2,870$3,250
FY 2023$1,320$1,510$1,850$2,510$2,900

Two-bedroom rent in nearby Anoka County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55038
55005$2,100−1.9%
55011$2,180+1.9%
55014$1,860−13.1%
55025$1,720−19.6%
55038Current$2,140—
55040$1,540−28.0%
55070$1,540−28.0%
55079$1,890−11.7%
55092$1,540−28.0%
55110$1,830−14.5%
55112$1,630−23.8%
55126$1,910−10.7%

Questions about ZIP 55038 rents

How much will Section 8 pay for a two-bedroom in ZIP 55038?

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 $2,140 it would be $1,926 to $2,354. 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 55038 in?

ZIP 55038 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 55038 for FY 2027?

The two-bedroom FMR fell 2.7%, from $2,200 in FY 2026 to $2,140 in FY 2027. Since FY 2023 it has risen 15.7%.

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