Skip to main content
Loading page
Hennepin County/Minneapolis/55407

55407

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

74Below average

095130300
BRFMR
Eff. Rent
0 BR$1,140$1,090
1 BR$1,280$1,290
2 BR$1,560$1,630
3 BR$2,040$1,940
4 BR$2,280$2,170
5 BR$2,622Not available
6 BR$3,015Not available
7 BR$3,468Not available
8 BR$3,988Not available

Purchase Price Calculator

Maximum purchase price
$180,301

Cost breakdown

+Likely effective rent$1,630
HUD FMR$1,560
Market rent$1,670
Est. payment standard (105%)Used$1,630
-Principal and interest-$912
Loan amount$144,241
Down payment$36,060
Rate6.50%
Term30 years
-Operating costs-$518
Property taxes-$180
Insurance-$175
Utilities$0
HOA$0
Management-$163
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,231(72.7% ROI)
Projected value
$194,164
Return breakdown
Property appreciation+$13,863
Loan principal paid down+$5,168
Rental cash flow+$7,200
5-year hold
+$44,909(124.5% ROI)
Projected value
$203,994
Return breakdown
Property appreciation+$23,693
Loan principal paid down+$9,216
Rental cash flow+$12,000
10-year hold
+$96,458(267.5% ROI)
Projected value
$230,800
Return breakdown
Property appreciation+$50,499
Loan principal paid down+$21,959
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.05
1 BR
0.98
2 BR
0.93
3 BR
1.05
4 BR
1.05
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55407 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55407 (Minneapolis, MN) is $1,560 a month. That is up 2.6% from $1,520 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, 55407 is tied for the 68th-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55407 is 49% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55407
BedroomsFY 2027Change90–110% range
Studio$1,140+3.6%$1,026–$1,254
1BR$1,280+2.4%$1,152–$1,408
2BR$1,560+2.6%$1,404–$1,716
3BR$2,040+1.0%$1,836–$2,244
4BR$2,280+0.4%$2,052–$2,508

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55407
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,140$1,280$1,560$2,040$2,280
FY 2026$1,100$1,250$1,520$2,020$2,270
FY 2025$1,060$1,200$1,470$1,970$2,240
FY 2024$1,090$1,240$1,510$2,040$2,310
FY 2023$960$1,090$1,340$1,820$2,100

Two-bedroom rent in nearby Hennepin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55407
55401$2,600+66.7%
55402$2,040+30.8%
55403$1,760+12.8%
55404$1,630+4.5%
55405$1,540−1.3%
55406$1,710+9.6%
55407Current$1,560—
55408$1,980+26.9%
55409$1,650+5.8%
55410$2,040+30.8%
55411$1,690+8.3%
55412$1,770+13.5%

Questions about ZIP 55407 rents

How much will Section 8 pay for a two-bedroom in ZIP 55407?

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 $1,560 it would be $1,404 to $1,716. 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 55407 in?

ZIP 55407 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 55407 for FY 2027?

The two-bedroom FMR rose 2.6%, from $1,520 in FY 2026 to $1,560 in FY 2027. Since FY 2023 it has risen 16.4%.

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