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Lake County/Ely/55731

55731

ZIPSAFMR
Lake County, MN
Zillow

ZIP Investment Score

69Below average

095130300
BRFMR
Eff. Rent
0 BR$800$800
1 BR$890$890
2 BR$1,150$1,150
3 BR$1,530$1,530
4 BR$1,870$1,870
5 BR$2,151Not available
6 BR$2,473Not available
7 BR$2,844Not available
8 BR$3,271Not available

Purchase Price Calculator

Maximum purchase price
$108,973

Cost breakdown

+Likely effective rent$1,150
HUD FMRUsed$1,150
Market rentN/A
Est. payment standardN/A
-Principal and interest-$551
Loan amount$87,178
Down payment$21,795
Rate6.50%
Term30 years
-Operating costs-$399
Property taxes-$109
Insurance-$175
Utilities$0
HOA$0
Management-$115
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$18,702(85.8% ROI)
Projected value
$117,352
Return breakdown
Property appreciation+$8,379
Loan principal paid down+$3,123
Rental cash flow+$7,200
5-year hold
+$31,890(146.3% ROI)
Projected value
$123,293
Return breakdown
Property appreciation+$14,320
Loan principal paid down+$5,570
Rental cash flow+$12,000
10-year hold
+$67,794(311.1% ROI)
Projected value
$139,495
Return breakdown
Property appreciation+$30,522
Loan principal paid down+$13,272
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 55731 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 55731 (Ely, MN) is $1,150 a month. That is up 2.7% from $1,120 in FY 2026. Ely is in the Lake County, MN non-metropolitan 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 county-wide two-bedroom FMR of $1,358. Among 9 ZIP codes in Lake County, 55731 is tied for the 6th-highest two-bedroom rent (county range $1,150–$1,480). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 55731 is 10% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 55731
BedroomsFY 2027Change90–110% range
Studio$800+3.9%$720–$880
1BR$890+4.7%$801–$979
2BR$1,150+2.7%$1,035–$1,265
3BR$1,530+10.1%$1,377–$1,683
4BR$1,8700.0%$1,683–$2,057

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 55731
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$800$890$1,150$1,530$1,870
FY 2026$770$850$1,120$1,390$1,870
FY 2025$700$790$1,020$1,360$1,730
FY 2024$710$760$980$1,300$1,630
FY 2023$670$730$940$1,240$1,550

Two-bedroom rent in nearby Lake County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 55731
55601$1,350+17.4%
55602$1,230+7.0%
55603$1,1500.0%
55607$1,1500.0%
55609$1,480+28.7%
55614$1,320+14.8%
55616$1,420+23.5%
55731Current$1,150—
55796$1,1500.0%

Questions about ZIP 55731 rents

How much will Section 8 pay for a two-bedroom in ZIP 55731?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,358, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,222 to $1,494 a month; under the ZIP-level Small Area FMR of $1,150 it would be $1,035 to $1,265. 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 55731 in?

ZIP 55731 is in the Lake County, MN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,358.

How much did fair market rent change in ZIP 55731 for FY 2027?

The two-bedroom FMR rose 2.7%, from $1,120 in FY 2026 to $1,150 in FY 2027. Since FY 2023 it has risen 22.3%.

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