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Chippewa County/Clara City/56222

56222

ZIPSAFMR
Chippewa County, MN
Zillow

ZIP Investment Score

119Above average

095130300
BRFMR
Eff. Rent
0 BR$870$870
1 BR$970$970
2 BR$1,250$1,250
3 BR$1,730$1,730
4 BR$1,780$1,780
5 BR$2,047Not available
6 BR$2,354Not available
7 BR$2,707Not available
8 BR$3,113Not available

Purchase Price Calculator

Maximum purchase price
$123,833

Cost breakdown

+Likely effective rent$1,250
HUD FMRUsed$1,250
Market rentN/A
Est. payment standardN/A
-Principal and interest-$626
Loan amount$99,066
Down payment$24,767
Rate6.50%
Term30 years
-Operating costs-$424
Property taxes-$124
Insurance-$175
Utilities$0
HOA$0
Management-$125
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,271(81.8% ROI)
Projected value
$133,355
Return breakdown
Property appreciation+$9,522
Loan principal paid down+$3,549
Rental cash flow+$7,200
5-year hold
+$34,602(139.7% ROI)
Projected value
$140,106
Return breakdown
Property appreciation+$16,273
Loan principal paid down+$6,329
Rental cash flow+$12,000
10-year hold
+$73,765(297.8% ROI)
Projected value
$158,517
Return breakdown
Property appreciation+$34,684
Loan principal paid down+$15,082
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 56222 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 56222 (Clara City, MN) is $1,250 a month. That is unchanged from FY 2026. Clara City is in the Chippewa 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 $1,014. Among 12 ZIP codes in Chippewa County, 56222 has the 2nd-highest two-bedroom rent (county range $1,010–$1,270). The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 56222 is 19% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 56222
BedroomsFY 2027Change90–110% range
Studio$870+1.2%$783–$957
1BR$970−2.0%$873–$1,067
2BR$1,2500.0%$1,125–$1,375
3BR$1,730−0.6%$1,557–$1,903
4BR$1,7800.0%$1,602–$1,958

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 56222
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$870$970$1,250$1,730$1,780
FY 2026$860$990$1,250$1,740$1,780
FY 2025$850$1,030$1,240$1,740$1,750
FY 2024area FMR$613$767$905$1,275$1,285
FY 2023area FMR$552$701$826$1,151$1,255

Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.

Two-bedroom rent in nearby Chippewa County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 56222
56208$1,010−19.2%
56215$1,090−12.8%
56222Current$1,250—
56241$1,130−9.6%
56252$1,010−19.2%
56260$1,180−5.6%
56262$1,270+1.6%
56265$1,010−19.2%
56271$1,010−19.2%
56282$1,120−10.4%
56285$1,010−19.2%
56295$1,010−19.2%

Questions about ZIP 56222 rents

How much will Section 8 pay for a two-bedroom in ZIP 56222?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $1,014, which applies unless the housing authority uses Small Area FMRs, that basic range is $913 to $1,115 a month; under the ZIP-level Small Area FMR of $1,250 it would be $1,125 to $1,375. 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 56222 in?

ZIP 56222 is in the Chippewa County, MN non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $1,014.

How much did fair market rent change in ZIP 56222 for FY 2027?

The two-bedroom FMR was unchanged at $1,250 in FY 2027. Since FY 2025 it has risen 0.8%.

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