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MN/Stearns County/56398

56398

ZIPFMR
Stearns County, MN
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$884$884
1 BR$961$961
2 BR$1,233$1,233
3 BR$1,656$1,656
4 BR$1,961$1,961
5 BR$2,255Not available
6 BR$2,593Not available
7 BR$2,982Not available
8 BR$3,430Not available

Purchase Price Calculator

Maximum purchase price
$121,307

Cost breakdown

+Likely effective rent$1,233
HUD FMRUsed$1,233
Market rentN/A
Est. payment standardN/A
-Principal and interest-$613
Loan amount$97,045
Down payment$24,261
Rate6.50%
Term30 years
-Operating costs-$420
Property taxes-$121
Insurance-$175
Utilities$0
HOA$0
Management-$123
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$20,004(82.5% ROI)
Projected value
$130,634
Return breakdown
Property appreciation+$9,327
Loan principal paid down+$3,477
Rental cash flow+$7,200
5-year hold
+$34,141(140.7% ROI)
Projected value
$137,248
Return breakdown
Property appreciation+$15,941
Loan principal paid down+$6,200
Rental cash flow+$12,000
10-year hold
+$72,750(299.9% ROI)
Projected value
$155,283
Return breakdown
Property appreciation+$33,976
Loan principal paid down+$14,774
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
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Mortgage rate
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ZIP 56398 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 56398 (Stearns County, MN) is $1,233 a month. Stearns County is in the St. Cloud, MN MSA. The median county two-bedroom FMR in Minnesota is $1,048, so ZIP 56398 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 56398
BedroomsFY 202790–110% range
Studio$884$796–$972
1BR$961$865–$1,057
2BR$1,233$1,110–$1,356
3BR$1,656$1,490–$1,822
4BR$1,961$1,765–$2,157

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 56398
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$884$961$1,233$1,656$1,961
FY 2026SAFMR$900$950$1,240$1,650$1,930
FY 2025SAFMR$880$910$1,180$1,550$1,840
FY 2024SAFMR$900$930$1,190$1,580$1,880
FY 2023SAFMR$780$800$1,000$1,350$1,600

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

Questions about ZIP 56398 rents

How much will Section 8 pay for a two-bedroom in ZIP 56398?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,233, that basic range is $1,110 to $1,356 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 56398 in?

ZIP 56398 is in the St. Cloud, MN MSA. Small Area FMRs are not mandatory in this area.

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 rentMN statewide rentsWhat is SAFMR?Data sources