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Hennepin County/Minneapolis/55423

55423

ZIPSAFMR
Hennepin County, MN
Zillow

ZIP Investment Score

84Below average

095130300
BRFMR
Eff. Rent
0 BR$1,270$1,210
1 BR$1,430$1,370
2 BR$1,740$1,840
3 BR$2,270$2,200
4 BR$2,550$2,690
5 BR$2,933Not available
6 BR$3,372Not available
7 BR$3,878Not available
8 BR$4,460Not available

Purchase Price Calculator

Maximum purchase price
$211,507

Cost breakdown

+Likely effective rent$1,840
HUD FMR$1,740
Market rent$1,900
Est. payment standard (106%)Used$1,840
-Principal and interest-$1,069
Loan amount$169,205
Down payment$42,301
Rate6.50%
Term30 years
-Operating costs-$571
Property taxes-$212
Insurance-$175
Utilities$0
HOA$0
Management-$184
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,525(69.8% ROI)
Projected value
$227,770
Return breakdown
Property appreciation+$16,263
Loan principal paid down+$6,062
Rental cash flow+$7,200
5-year hold
+$50,604(119.6% ROI)
Projected value
$239,300
Return breakdown
Property appreciation+$27,794
Loan principal paid down+$10,811
Rental cash flow+$12,000
10-year hold
+$108,999(257.7% ROI)
Projected value
$270,747
Return breakdown
Property appreciation+$59,240
Loan principal paid down+$25,760
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.05
1 BR
1.04
2 BR
0.92
3 BR
1.03
4 BR
0.92
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 55423 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55423 (Minneapolis, MN) is $1,740 a month. That is up 4.8% from $1,660 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, 55423 is tied for the 51st-highest two-bedroom rent (county range $1,540–$2,600). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55423 is 66% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55423
BedroomsFY 2027Change90–110% range
Studio$1,270+5.0%$1,143–$1,397
1BR$1,430+5.1%$1,287–$1,573
2BR$1,740+4.8%$1,566–$1,914
3BR$2,270+3.2%$2,043–$2,497
4BR$2,550+3.7%$2,295–$2,805

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55423
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,270$1,430$1,740$2,270$2,550
FY 2026$1,210$1,360$1,660$2,200$2,460
FY 2025$1,160$1,310$1,600$2,130$2,390
FY 2024$1,120$1,270$1,550$2,090$2,370
FY 2023$990$1,120$1,380$1,880$2,160

Two-bedroom rent in nearby Hennepin County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55423
55417$1,720−1.1%
55418$1,850+6.3%
55419$1,880+8.0%
55420$1,590−8.6%
55421$1,610−7.5%
55422$1,890+8.6%
55423Current$1,740—
55424$2,290+31.6%
55425$1,840+5.7%
55426$1,830+5.2%
55427$1,780+2.3%
55428$1,580−9.2%

Questions about ZIP 55423 rents

How much will Section 8 pay for a two-bedroom in ZIP 55423?

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 $1,740 it would be $1,566 to $1,914. 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 55423 in?

ZIP 55423 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 55423 for FY 2027?

The two-bedroom FMR rose 4.8%, from $1,660 in FY 2026 to $1,740 in FY 2027. Since FY 2023 it has risen 26.1%.

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