HUD's FY2024 Small Area Fair Market Rents took effect on October 1, 2023. On the 469 Minnesota ZIP codes that carry a 2 bedroom figure in both FY2023 and FY2024, the median moved +11.8 percent, from $1,170 to $1,250. 443 of those ZIP codes went up, 1 held flat, and 25 came down.
The FY2025 release is out, see what changed. This page stays as the FY2024 record.
Looking back further, read the FY2023 release page.
This was a broad increase rather than a metro story: 94 percent of matched ZIP codes rose, which is what happens when HUD's underlying rent survey catches up across the whole state at once, not when one market runs hot.
The spread inside the release is wide. Victoria 55386 in Carver County moved +63.7 percent, from $1,350 to $2,210, while Tower 55790 in St. Louis County moved -9.9 percent. A statewide average would have hidden both.
Unit sizes did not move together either. The studio median rose +8.3 percent to $910 while the 4 bedroom median moved +2.6 percent, so a portfolio weighted toward one size felt a different release than the headline number suggests.
HUD published Small Area Fair Market Rents for metro Minnesota ZIP codes only through FY2024, then expanded to nearly every ZIP code in the state from FY2025 forward. A raw statewide median across those years compares two different sets of places, so every comparison on this page is computed only on the ZIP codes present in both fiscal years.
| ZIP | City | County | FY2023 2BR FMR | FY2024 2BR FMR | Change |
|---|---|---|---|---|---|
| 55386 | Victoria | Carver | $1,350 | $2,210 | +63.7% |
| 55047 | Marine On Saint Croix | Washington | $1,540 | $2,430 | +57.8% |
| 55973 | Sargeant | Mower | $990 | $1,550 | +56.6% |
| 55968 | Reads Landing | Wabasha | $850 | $1,230 | +44.7% |
| 55071 | Saint Paul Park | Washington | $1,390 | $1,910 | +37.4% |
| 56052 | Kilkenny | Le Sueur | $1,160 | $1,570 | +35.3% |
| 55814 | Duluth | St. Louis | $1,090 | $1,450 | +33.0% |
| 55089 | Welch | Goodhue | $1,200 | $1,550 | +29.2% |
| 55424 | Minneapolis | Hennepin | $1,630 | $2,050 | +25.8% |
| 55005 | Bethel | Anoka | $1,380 | $1,730 | +25.4% |
| 56301 | Saint Cloud | Stearns | $1,020 | $1,270 | +24.5% |
| 56011 | Belle Plaine | Scott | $1,200 | $1,490 | +24.2% |
| 55079 | Stacy | Chisago | $1,250 | $1,550 | +24.0% |
| 56316 | Brooten | Stearns | $850 | $1,050 | +23.5% |
| 56374 | Saint Joseph | Stearns | $930 | $1,140 | +22.6% |
Ranked by percent change in the 2 bedroom fair market rent from FY2023 to FY2024. Click a ZIP code for the full bedroom table and the market rent series, or a county for the county rollup.
| ZIP | City | County | FY2023 2BR FMR | FY2024 2BR FMR | Change |
|---|---|---|---|---|---|
| 55790 | Tower | St. Louis | $1,210 | $1,090 | -9.9% |
| 56669 | Kabetogama | Koochiching | $1,130 | $1,020 | -9.7% |
| 55920 | Byron | Olmsted | $1,240 | $1,120 | -9.7% |
| 55751 | Iron | St. Louis | $1,150 | $1,040 | -9.6% |
| 55732 | Embarrass | St. Louis | $1,390 | $1,260 | -9.4% |
| 56060 | Lewisville | Watonwan | $1,080 | $980 | -9.3% |
| 55901 | Rochester | Olmsted | $1,260 | $1,170 | -7.1% |
| 55702 | Alborn | St. Louis | $1,170 | $1,090 | -6.8% |
| 55985 | West Concord | Dodge | $1,240 | $1,160 | -6.5% |
| 55903 | Rochester | Olmsted | $1,250 | $1,170 | -6.4% |
| 55905 | Rochester | Olmsted | $1,250 | $1,170 | -6.4% |
| 55960 | Oronoco | Olmsted | $1,610 | $1,510 | -6.2% |
| 55711 | Brookston | St. Louis | $1,150 | $1,080 | -6.1% |
| 55902 | Rochester | Olmsted | $1,450 | $1,370 | -5.5% |
| 55757 | Kettle River | Carlton | $1,080 | $1,030 | -4.6% |
A decrease in FMR is a revision to HUD's rent estimate for that ZIP code, not evidence that asking rents fell. Check the market rent series on the ZIP page before you act on one of these.
| Unit size | FY2023 median | FY2024 median | Change |
|---|---|---|---|
| Studio | $840 | $910 | +8.3% |
| 1 bedroom | $930 | $990 | +6.5% |
| 2 bedroom | $1,170 | $1,250 | +6.8% |
| 3 bedroom | $1,610 | $1,690 | +5.0% |
| 4 bedroom | $1,940 | $1,990 | +2.6% |
Every percent here is the change in the statewide median across the same 469 matched ZIP codes, which is a different measure than the headline tile above: that one is the median of the per ZIP percent changes. The two answer different questions and do not have to agree. The 2 bedroom figure is the benchmark used everywhere else on this site because it is the most common voucher unit size.
| County | ZIPs | FY2023 median | FY2024 median | Median change |
|---|---|---|---|---|
| Douglas | 1 | $1,000 | $1,190 | +19.0% |
| Benton | 5 | $940 | $1,140 | +17.8% |
| Stearns | 29 | $930 | $1,100 | +16.7% |
| Washington | 18 | $1,500 | $1,800 | +15.6% |
| Meeker | 3 | $850 | $970 | +15.5% |
| Dakota | 20 | $1,480 | $1,705 | +14.4% |
| Ramsey | 20 | $1,340 | $1,545 | +14.2% |
| Hennepin | 72 | $1,470 | $1,690 | +14.1% |
| Pope | 1 | $1,000 | $1,140 | +14.0% |
| Isanti | 6 | $1,395 | $1,590 | +14.0% |
| Anoka | 12 | $1,445 | $1,755 | +13.8% |
| Scott | 7 | $1,500 | $1,720 | +13.7% |
| County | ZIPs | FY2023 median | FY2024 median | Median change |
|---|---|---|---|---|
| Olmsted | 11 | $1,240 | $1,120 | -5.5% |
| Otter Tail | 1 | $940 | $910 | -3.2% |
| Koochiching | 2 | $1,025 | $1,000 | -1.6% |
| Watonwan | 2 | $990 | $970 | -1.3% |
| Aitkin | 1 | $1,040 | $1,050 | +1.0% |
| Nicollet | 5 | $960 | $1,020 | +1.8% |
| Carlton | 11 | $1,100 | $1,130 | +2.7% |
| Itasca | 1 | $1,090 | $1,120 | +2.8% |
| Pine | 2 | $1,015 | $1,050 | +3.4% |
| Wilkin | 1 | $940 | $980 | +4.3% |
| St. Louis | 47 | $990 | $1,040 | +4.3% |
| Norman | 3 | $940 | $980 | +4.3% |
County medians are the median of the per ZIP percent changes inside that county, which keeps a county with one expensive ZIP code from dragging the whole figure. Every Minnesota county with data has its own page in the county directory.
For voucher holders. A higher FMR is the starting point, not the answer. Your housing authority sets the payment standard between 90 and 110 percent of the published FMR and decides when to adopt the new one, so a +11.8 percent median move can reach your unit late, partly, or not at all. Ask the authority for the current standard on your bedroom size, in writing, before you renew or move.
For landlords. Where the FMR now sits at or above what you are asking, a voucher tenant is worth a serious look: the payment standard covers the rent, part of it arrives from the authority every month, and turnover costs drop. Where the FMR still sits below your ask, the voucher is not automatically out, because the payment standard can run to 110 percent of FMR, but you should confirm the number before you hold a unit. The landlord voucher check runs that comparison for one ZIP code and one asking rent.
Payment standards are not in this data. Vouchers in Minnesota run through dozens of separate housing authorities. Each authority sets its own payment standard, normally between 90 and 110 percent of the published fair market rent, and can ask HUD to approve more. Nothing on this page adjusts for that. Check the payment standard with the housing authority: Metro HRA, Minneapolis Public Housing Authority, and Saint Paul Public Housing Agency.
HUD publishes Small Area Fair Market Rents on the federal fiscal year, so the FY2024 values took effect on October 1, 2023 and run through September 30, 2024. Housing authorities normally adopt the new payment standards within a few months of that date, not on the day itself.
On the 469 Minnesota ZIP codes with a 2 bedroom figure in both FY2023 and FY2024, the median 2 bedroom fair market rent moved +11.8 percent, from $1,170 to $1,250. 443 ZIP codes rose, 1 held flat, and 25 fell.
Not automatically. FMR is the base HUD publishes. Your housing authority sets the payment standard, normally between 90 and 110 percent of that FMR, and it chooses when to adopt a new one. Ask the authority that issued the voucher what the current standard is for your bedroom size before you assume the increase reached you.
HUD published Small Area Fair Market Rents for metro Minnesota ZIP codes only through FY2024, then expanded to nearly every ZIP code in the state from FY2025 forward. Comparing raw statewide medians across that boundary compares two different sets of places, so every figure on this page is computed only on the ZIP codes present in both years being compared.
HUD User, Small Area Fair Market Rents, FY2023 and FY2024 releases, huduser.gov. City and county names from GeoNames. Fair market rent is a 40th percentile estimate of gross rent on a federal fiscal year, not a quote and not a ceiling. Full definitions are in the methodology and the same rows are available from the data API. Data last updated 2026-09-14.
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