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Scott County/Elko New Market/55054

55054

ZIPSAFMR
Scott County, MN
Zillow

ZIP Investment Score

115Above average

095130300
BRFMR
Eff. Rent
0 BR$1,850$1,850
1 BR$2,080$2,080
2 BR$2,530$2,530
3 BR$3,300$3,300
4 BR$3,700$3,700
5 BR$4,255Not available
6 BR$4,893Not available
7 BR$5,627Not available
8 BR$6,471Not available

Purchase Price Calculator

Maximum purchase price
$314,040

Cost breakdown

+Likely effective rent$2,530
HUD FMRUsed$2,530
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,588
Loan amount$251,232
Down payment$62,808
Rate6.50%
Term30 years
-Operating costs-$742
Property taxes-$314
Insurance-$175
Utilities$0
HOA$0
Management-$253
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$40,348(64.2% ROI)
Projected value
$338,187
Return breakdown
Property appreciation+$24,147
Loan principal paid down+$9,001
Rental cash flow+$7,200
5-year hold
+$69,319(110.4% ROI)
Projected value
$355,308
Return breakdown
Property appreciation+$41,267
Loan principal paid down+$16,051
Rental cash flow+$12,000
10-year hold
+$150,205(239.1% ROI)
Projected value
$401,998
Return breakdown
Property appreciation+$87,958
Loan principal paid down+$38,247
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 55054 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55054 (Elko New Market, MN) is $2,530 a month. That is up 1.6% from $2,490 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, 55054 has the highest two-bedroom rent (county range $1,540–$2,530). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55054 is 141% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55054
BedroomsFY 2027Change90–110% range
Studio$1,850+2.2%$1,665–$2,035
1BR$2,080+1.5%$1,872–$2,288
2BR$2,530+1.6%$2,277–$2,783
3BR$3,3000.0%$2,970–$3,630
4BR$3,700+0.3%$3,330–$4,070

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55054
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,850$2,080$2,530$3,300$3,700
FY 2026$1,810$2,050$2,490$3,300$3,690
FY 2025$1,300$1,470$1,790$2,380$2,670
FY 2024$1,250$1,410$1,720$2,320$2,630
FY 2023$1,070$1,220$1,500$2,040$2,350

Two-bedroom rent in nearby Scott County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55054
55020$2,150−15.0%
55044$2,170−14.2%
55054Current$2,530—
55088$1,540−39.1%
55337$1,870−26.1%
55352$1,540−39.1%
55372$1,750−30.8%
55378$2,030−19.8%
55379$1,890−25.3%
56011$1,610−36.4%
56044$1,540−39.1%
56071$1,550−38.7%

Questions about ZIP 55054 rents

How much will Section 8 pay for a two-bedroom in ZIP 55054?

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 $2,530 it would be $2,277 to $2,783. 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 55054 in?

ZIP 55054 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 55054 for FY 2027?

The two-bedroom FMR rose 1.6%, from $2,490 in FY 2026 to $2,530 in FY 2027. Since FY 2023 it has risen 68.7%.

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