HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Lake County, Minnesota (FY 2026)
HUD's FY 2026 Fair Market Rent for a two-bedroom in Lake County is $1,277 a month. That's the number the housing authority starts from when it sets Section 8 payment standards here.
2 bedroom FMR
$1,277
FY 2026, utilities included
Payment standard range
$1,149 to $1,405
90% to 110% of FMR
Income to afford 2BR
$51,080
per year, at 30% of income
Rank in Minnesota
14th of 87
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Lake moves to $1,358. That's up 6%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Lake actually rent for?
Search any address in Lake for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $880 | $792 to $968 | $35,200 | $16.92/hr | +3.8% |
| 1 bedroom | $973 | $876 to $1,070 | $38,920 | $18.71/hr | +3.3% |
| 2 bedroom | $1,277 | $1,149 to $1,405 | $51,080 | $24.56/hr | +3.3% |
| 3 bedroom | $1,531 | $1,378 to $1,684 | $61,240 | $29.44/hr | +2.8% |
| 4 bedroom | $1,869 | $1,682 to $2,056 | $74,760 | $35.94/hr | -10.0% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $2,149 | $1,934 to $2,364 |
| 6 bedroom Estimate | $2,430 | $2,187 to $2,673 |
| 7 bedroom Estimate | $2,710 | $2,439 to $2,981 |
| 8 bedroom Estimate | $2,990 | $2,691 to $3,289 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Lake, that runs from $880 for a studio up to $1,869 for four bedrooms, all five rates in the table above.
Because Lake sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Beaver Bay included.
Among Minnesota's 87 counties, Lake ranks 14th for two-bedroom FMR. That's about 28% above the state median of $999 and about 25% above the national median county at $1,018. About 10,915 people live here, 66th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,120 in 55603 (Finland) and $1,470 in 55609 (Knife River), with the 6 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Lake somewhere between $1,149 and $1,405. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$1,277 a month is affordable, by HUD's 30% rule, on an income of roughly $51,080 a year. Put another way, $25 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($1,149) | HAP at 100% ($1,277) | HAP at 110% ($1,405) |
|---|---|---|---|---|
| $2,500 | $750 | $399 | $527 | $655 |
| $4,000 | $1,200 | $0 | $77 | $205 |
Rate history
The two-bedroom rate went up 3% from FY 2025 ($1,236) to FY 2026 ($1,277). Since FY 2020 it's up 66% in total, about 8.8% a year. The Minnesota median moved up 7% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $506 | $589 | $768 | $1,078 | $1,082 | — |
| FY 2021 | $484 | $592 | $734 | $992 | $995 | -4.4% |
| FY 2022 | $611 | $680 | $826 | $1,116 | $1,120 | +12.5% |
| FY 2023 | $716 | $825 | $997 | $1,316 | $1,639 | +20.7% |
| FY 2024 | $774 | $860 | $1,130 | $1,502 | $1,918 | +13.3% |
| FY 2025 | $848 | $942 | $1,236 | $1,489 | $2,076 | +9.4% |
| FY 2026 | $880 | $973 | $1,277 | $1,531 | $1,869 | +3.3% |
| FY 2027 | $946 | $1,038 | $1,358 | $1,618 | $1,983 | +6.3% |
Nearby counties
Questions people ask
$1,277 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $880 for a studio, $973 for one bedroom, $1,531 for three and $1,869 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Lake actually go for?
HUD's number is one input. Search any address in Lake for a rent estimate built from nearby comps. 3 free searches, no card.
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