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Hennepin County/Wayzata/55391

55391

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

40Below average

095130300
BRFMR
Eff. Rent
0 BR$1,430$1,410
1 BR$1,610$1,460
2 BR$1,960$2,060
3 BR$2,560$2,780
4 BR$2,870$3,120
5 BR$3,300Not available
6 BR$3,796Not available
7 BR$4,365Not available
8 BR$5,020Not available

Purchase Price Calculator

Maximum purchase price
$244,199

Cost breakdown

+Likely effective rent$2,060
HUD FMR$1,960
Market rent$2,110
Est. payment standard (105%)Used$2,060
-Principal and interest-$1,235
Loan amount$195,359
Down payment$48,840
Rate6.50%
Term30 years
-Operating costs-$625
Property taxes-$244
Insurance-$175
Utilities$0
HOA$0
Management-$206
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,976(67.5% ROI)
Projected value
$262,975
Return breakdown
Property appreciation+$18,777
Loan principal paid down+$6,999
Rental cash flow+$7,200
5-year hold
+$56,571(115.8% ROI)
Projected value
$276,288
Return breakdown
Property appreciation+$32,090
Loan principal paid down+$12,482
Rental cash flow+$12,000
10-year hold
+$122,137(250.1% ROI)
Projected value
$312,595
Return breakdown
Property appreciation+$68,396
Loan principal paid down+$29,741
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.01
1 BR
1.10
2 BR
0.93
3 BR
0.88
4 BR
0.88
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55391 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55391 (Wayzata, MN) is $1,960 a month. That is up 0.5% from $1,950 in FY 2026. Wayzata 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 83 ZIP codes in Hennepin County, 55391 is tied for the 24th-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55391 is 87% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55391
BedroomsFY 2027Change90–110% range
Studio$1,430+0.7%$1,287–$1,573
1BR$1,610+0.6%$1,449–$1,771
2BR$1,960+0.5%$1,764–$2,156
3BR$2,560−0.8%$2,304–$2,816
4BR$2,870−0.7%$2,583–$3,157

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55391
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,430$1,610$1,960$2,560$2,870
FY 2026$1,420$1,600$1,950$2,580$2,890
FY 2025$1,470$1,660$2,030$2,700$3,030
FY 2024$1,470$1,660$2,030$2,740$3,100
FY 2023$1,310$1,500$1,840$2,500$2,880

Two-bedroom rent in nearby Hennepin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55391
55375$1,540−21.4%
55384$1,540−21.4%
55387$1,670−14.8%
55388$1,540−21.4%
55391Current$1,960—
55401$2,600+32.7%
55402$2,040+4.1%
55403$1,760−10.2%
55404$1,630−16.8%
55405$1,540−21.4%
55406$1,710−12.8%
55407$1,560−20.4%

Questions about ZIP 55391 rents

How much will Section 8 pay for a two-bedroom in ZIP 55391?

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 $1,960 it would be $1,764 to $2,156. 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 55391 in?

ZIP 55391 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 55391 for FY 2027?

The two-bedroom FMR rose 0.5%, from $1,950 in FY 2026 to $1,960 in FY 2027. Since FY 2023 it has risen 6.5%.

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