Skip to main content
Loading page
Hennepin County/Minneapolis/55409

55409

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

76Below average

095130300
BRFMR
Eff. Rent
0 BR$1,200$1,030
1 BR$1,360$1,310
2 BR$1,650$1,650
3 BR$2,150$2,310
4 BR$2,410$2,650
5 BR$2,772Not available
6 BR$3,187Not available
7 BR$3,665Not available
8 BR$4,215Not available

Purchase Price Calculator

Maximum purchase price
$183,273

Cost breakdown

+Likely effective rent$1,650
HUD FMRUsed$1,650
Market rentN/A
Est. payment standardN/A
-Principal and interest-$927
Loan amount$146,618
Down payment$36,655
Rate6.50%
Term30 years
-Operating costs-$523
Property taxes-$183
Insurance-$175
Utilities$0
HOA$0
Management-$165
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$26,545(72.4% ROI)
Projected value
$197,365
Return breakdown
Property appreciation+$14,092
Loan principal paid down+$5,253
Rental cash flow+$7,200
5-year hold
+$45,451(124.0% ROI)
Projected value
$207,356
Return breakdown
Property appreciation+$24,084
Loan principal paid down+$9,367
Rental cash flow+$12,000
10-year hold
+$97,653(266.4% ROI)
Projected value
$234,605
Return breakdown
Property appreciation+$51,332
Loan principal paid down+$22,321
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
1.17
1 BR
1.04
3 BR
0.90
4 BR
0.79
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55409 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55409 (Minneapolis, MN) is $1,650 a month. That is unchanged from 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, 55409 has the 60th-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55409 is 57% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55409
BedroomsFY 2027Change90–110% range
Studio$1,2000.0%$1,080–$1,320
1BR$1,3600.0%$1,224–$1,496
2BR$1,6500.0%$1,485–$1,815
3BR$2,150−1.4%$1,935–$2,365
4BR$2,410−1.2%$2,169–$2,651

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55409
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,200$1,360$1,650$2,150$2,410
FY 2026$1,200$1,360$1,650$2,180$2,440
FY 2025$1,180$1,340$1,630$2,170$2,430
FY 2024$1,130$1,280$1,560$2,100$2,380
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. 55409
55403$1,760+6.7%
55404$1,630−1.2%
55405$1,540−6.7%
55406$1,710+3.6%
55407$1,560−5.5%
55408$1,980+20.0%
55409Current$1,650—
55410$2,040+23.6%
55411$1,690+2.4%
55412$1,770+7.3%
55413$1,950+18.2%
55414$1,700+3.0%

Questions about ZIP 55409 rents

How much will Section 8 pay for a two-bedroom in ZIP 55409?

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 $1,650 it would be $1,485 to $1,815. 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 55409 in?

ZIP 55409 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 55409 for FY 2027?

The two-bedroom FMR was unchanged at $1,650 in FY 2027. Since FY 2023 it has risen 23.1%.

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