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Hennepin County/Minneapolis/55404

55404

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

78Below average

095130300
BRFMR
Eff. Rent
0 BR$1,190$1,030
1 BR$1,340$1,090
2 BR$1,630$1,500
3 BR$2,130$1,690
4 BR$2,390$2,160
5 BR$2,749Not available
6 BR$3,161Not available
7 BR$3,635Not available
8 BR$4,180Not available

Purchase Price Calculator

Maximum purchase price
$160,983

Cost breakdown

+Likely effective rent$1,500
HUD FMR$1,630
Market rentUsed$1,500
Est. payment standard (95%)$1,550
-Principal and interest-$814
Loan amount$128,786
Down payment$32,197
Rate6.50%
Term30 years
-Operating costs-$486
Property taxes-$161
Insurance-$175
Utilities$0
HOA$0
Management-$150
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$24,192(75.1% ROI)
Projected value
$173,361
Return breakdown
Property appreciation+$12,378
Loan principal paid down+$4,614
Rental cash flow+$7,200
5-year hold
+$41,383(128.5% ROI)
Projected value
$182,137
Return breakdown
Property appreciation+$21,154
Loan principal paid down+$8,228
Rental cash flow+$12,000
10-year hold
+$88,695(275.5% ROI)
Projected value
$206,072
Return breakdown
Property appreciation+$45,089
Loan principal paid down+$19,606
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.16
1 BR
1.23
2 BR
1.09
3 BR
1.26
4 BR
1.11
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55404 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55404 (Minneapolis, MN) is $1,630 a month. That is up 3.2% from $1,580 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, 55404 has the 61st-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55404 is 56% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55404
BedroomsFY 2027Change90–110% range
Studio$1,190+3.5%$1,071–$1,309
1BR$1,340+3.1%$1,206–$1,474
2BR$1,630+3.2%$1,467–$1,793
3BR$2,130+1.9%$1,917–$2,343
4BR$2,390+2.1%$2,151–$2,629

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55404
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,190$1,340$1,630$2,130$2,390
FY 2026$1,150$1,300$1,580$2,090$2,340
FY 2025$1,110$1,250$1,530$2,040$2,280
FY 2024$1,090$1,240$1,510$2,040$2,310
FY 2023$960$1,100$1,350$1,830$2,120

Two-bedroom rent in nearby Hennepin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55404
55401$2,600+59.5%
55402$2,040+25.2%
55403$1,760+8.0%
55404Current$1,630—
55405$1,540−5.5%
55406$1,710+4.9%
55407$1,560−4.3%
55408$1,980+21.5%
55409$1,650+1.2%
55410$2,040+25.2%
55411$1,690+3.7%
55412$1,770+8.6%

Questions about ZIP 55404 rents

How much will Section 8 pay for a two-bedroom in ZIP 55404?

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 $1,630 it would be $1,467 to $1,793. 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 55404 in?

ZIP 55404 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 55404 for FY 2027?

The two-bedroom FMR rose 3.2%, from $1,580 in FY 2026 to $1,630 in FY 2027. Since FY 2023 it has risen 20.7%.

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