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 55377 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 55377 (Santiago, MN) is $1,734 a month. That is up 1.5% from $1,709 in FY 2026. Santiago is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55377 is 65% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 55377
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,242
$1,265
+1.9%
$1,139–$1,392
1BR
$1,405
$1,427
+1.6%
$1,284–$1,570
2BR
$1,709
$1,734
+1.5%
$1,561–$1,907
3BR
$2,262
$2,264
+0.1%
$2,038–$2,490
4BR
$2,531
$2,538
+0.3%
$2,284–$2,792
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 55377
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,265
$1,427
$1,734
$2,264
$2,538
FY 2026
$1,242
$1,405
$1,709
$2,262
$2,531
FY 2025
$1,220
$1,381
$1,685
$2,244
$2,513
FY 2024
$1,174
$1,327
$1,622
$2,188
$2,478
FY 2023
$1,007
$1,149
$1,410
$1,916
$2,209
Questions about ZIP 55377 rents
How much will Section 8 pay for a two-bedroom in ZIP 55377?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,734, that basic range is $1,561 to $1,907 a month. 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 55377 in?
ZIP 55377 is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.
How much did fair market rent change in ZIP 55377 for FY 2027?
The two-bedroom FMR rose 1.5%, from $1,709 in FY 2026 to $1,734 in FY 2027. Since FY 2023 it has risen 23.0%.
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 Fair Market Rents. 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