Fair Market Rents by apartment size
| Size | FY2026 FMR | Income needed (30% rule) | Hourly, full time |
|---|---|---|---|
| Studio | $1,242/mo | $49,680/yr | $23.88 |
| 1 bedroom | $1,405/mo | $56,200/yr | $27.02 |
| 2 bedrooms | $1,709/mo | $68,360/yr | $32.87 |
| 3 bedrooms | $2,262/mo | $90,480/yr | $43.50 |
| 4 bedrooms | $2,531/mo | $101,240/yr | $48.67 |
Fair Market Rents are HUD's estimate of the 40th percentile of gross rent (rent plus essential utilities) for standard-quality units in Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area. About 40% of comparable rentals cost less and 60% cost more, so treat these as a benchmark rather than a listing price. Income needed assumes rent and utilities take no more than 30% of gross income, the federal cost-burden line; the hourly figure assumes 2,080 working hours a year.
Rent vs wages
To afford the 2-bedroom Fair Market Rent here with 30% of a full-time income, you would need to earn about $32.87 an hour. At the state minimum wage of $11.41, that is about 115 hours of work a week. See how every metro compares.
What this means for renters
If you have a Housing Choice Voucher, your local housing authority sets its payment standards based on these FMRs; ask your agency for its exact figures. If you are budgeting a move, compare these numbers with real listings: newer or better-located units usually rent above the FMR.
Areas with similar rents nearby
Frequently asked questions
What is the fair market rent in Minneapolis-St. Paul-Bloomington, MN-WI?
HUD's FY2026 Fair Market Rents for Minneapolis-St. Paul-Bloomington, MN-WI HUD Metro FMR Area are $1,242 for studio, $1,405 for 1 bedroom, $1,709 for 2 bedrooms, $2,262 for 3 bedrooms, $2,531 for 4 bedrooms.
How much do I need to earn to rent a 2-bedroom in Minneapolis-St. Paul-Bloomington, MN-WI?
At the Fair Market Rent of $1,709, keeping rent within 30% of gross income (the federal cost-burden line) takes about $68,360 a year, or $5,697 a month.
Source: HUD Fair Market Rents, FY2026 schedule (effective October 1, 2025), area code METRO33460M33460. HUD has since published FY2027 FMRs; check HUD for the newest figures. Our data.