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Hennepin County/Minneapolis/55403

55403

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

26Below average

095130300
BRFMR
Eff. Rent
0 BR$1,280$970
1 BR$1,450$1,050
2 BR$1,760$1,720
3 BR$2,300$1,480
4 BR$2,580$1,380
5 BR$2,967Not available
6 BR$3,412Not available
7 BR$3,924Not available
8 BR$4,512Not available

Purchase Price Calculator

Maximum purchase price
$193,675

Cost breakdown

+Likely effective rent$1,720
HUD FMR$1,760
Market rentUsed$1,720
Est. payment standard (99%)$1,730
-Principal and interest-$979
Loan amount$154,940
Down payment$38,735
Rate6.50%
Term30 years
-Operating costs-$541
Property taxes-$194
Insurance-$175
Utilities$0
HOA$0
Management-$172
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$27,643(71.4% ROI)
Projected value
$208,567
Return breakdown
Property appreciation+$14,892
Loan principal paid down+$5,551
Rental cash flow+$7,200
5-year hold
+$47,350(122.2% ROI)
Projected value
$219,125
Return breakdown
Property appreciation+$25,450
Loan principal paid down+$9,899
Rental cash flow+$12,000
10-year hold
+$101,833(262.9% ROI)
Projected value
$247,920
Return breakdown
Property appreciation+$54,245
Loan principal paid down+$23,588
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.32
1 BR
1.38
2 BR
1.02
3 BR
1.55
4 BR
1.87
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55403 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55403 (Minneapolis, MN) is $1,760 a month. That is up 3.5% from $1,700 in FY 2026. Minneapolis 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, 55403 is tied for the 49th-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55403 is 68% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55403
BedroomsFY 2027Change90–110% range
Studio$1,280+3.2%$1,152–$1,408
1BR$1,450+3.6%$1,305–$1,595
2BR$1,760+3.5%$1,584–$1,936
3BR$2,300+2.2%$2,070–$2,530
4BR$2,580+2.4%$2,322–$2,838

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55403
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,280$1,450$1,760$2,300$2,580
FY 2026$1,240$1,400$1,700$2,250$2,520
FY 2025$1,200$1,360$1,660$2,210$2,480
FY 2024$1,180$1,330$1,630$2,200$2,490
FY 2023$1,040$1,180$1,450$1,970$2,270

Two-bedroom rent in nearby Hennepin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55403
55401$2,600+47.7%
55402$2,040+15.9%
55403Current$1,760—
55404$1,630−7.4%
55405$1,540−12.5%
55406$1,710−2.8%
55407$1,560−11.4%
55408$1,980+12.5%
55409$1,650−6.2%
55410$2,040+15.9%
55411$1,690−4.0%
55412$1,770+0.6%

Questions about ZIP 55403 rents

How much will Section 8 pay for a two-bedroom in ZIP 55403?

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 $1,760 it would be $1,584 to $1,936. 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 55403 in?

ZIP 55403 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 55403 for FY 2027?

The two-bedroom FMR rose 3.5%, from $1,700 in FY 2026 to $1,760 in FY 2027. Since FY 2023 it has risen 21.4%.

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