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Hennepin County/Minneapolis/55488

55488

ZIPFMR
Hennepin County, MN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,265$1,370
1 BR$1,427$1,510
2 BR$1,734$1,850
3 BR$2,264$2,280
4 BR$2,538$2,780
5 BR$2,919Not available
6 BR$3,357Not available
7 BR$3,860Not available
8 BR$4,439Not available

Purchase Price Calculator

Maximum purchase price
$212,993

Cost breakdown

+Likely effective rent$1,850
HUD FMR$1,734
Market rent$1,910
Est. payment standard (107%)Used$1,850
-Principal and interest-$1,077
Loan amount$170,394
Down payment$42,599
Rate6.50%
Term30 years
-Operating costs-$573
Property taxes-$213
Insurance-$175
Utilities$0
HOA$0
Management-$185
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$29,682(69.7% ROI)
Projected value
$229,370
Return breakdown
Property appreciation+$16,377
Loan principal paid down+$6,105
Rental cash flow+$7,200
5-year hold
+$50,876(119.4% ROI)
Projected value
$240,982
Return breakdown
Property appreciation+$27,989
Loan principal paid down+$10,887
Rental cash flow+$12,000
10-year hold
+$109,597(257.3% ROI)
Projected value
$272,649
Return breakdown
Property appreciation+$59,656
Loan principal paid down+$25,941
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.88
1 BR
0.91
2 BR
0.91
3 BR
0.99
4 BR
0.87
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 55488 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 55488 (Minneapolis, MN) is $1,734 a month. That is up 1.5% from $1,709 in FY 2026. Minneapolis is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55488 is 65% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55488
BedroomsFY 2027Change90–110% range
Studio$1,265+1.9%$1,139–$1,392
1BR$1,427+1.6%$1,284–$1,570
2BR$1,734+1.5%$1,561–$1,907
3BR$2,264+0.1%$2,038–$2,490
4BR$2,538+0.3%$2,284–$2,792

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55488
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,265$1,427$1,734$2,264$2,538
FY 2026$1,242$1,405$1,709$2,262$2,531
FY 2025$1,220$1,381$1,685$2,244$2,513
FY 2024$1,174$1,327$1,622$2,188$2,478
FY 2023$1,007$1,149$1,410$1,916$2,209

Questions about ZIP 55488 rents

How much will Section 8 pay for a two-bedroom in ZIP 55488?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,734, that basic range is $1,561 to $1,907 a month. 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 55488 in?

ZIP 55488 is in the Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 55488 for FY 2027?

The two-bedroom FMR rose 1.5%, from $1,709 in FY 2026 to $1,734 in FY 2027. Since FY 2023 it has risen 23.0%.

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 Fair Market Rents. 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