Lake County, MN: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$1,3582-bedroom FMR, FY2027

$1,0381-bedroom FMR, FY2027

$79,90080% income limit, family of 4 (FY2026)

$99,900Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Lake County is $1,358 a month, up 6.3% from $1,277 in FY2026. Lake County belongs to the Lake County, MN FMR area (non-metro county), so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Lake County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$946	$880	+7.5%	$852 – $1,040
1 bedroom	$1,038	$973	+6.7%	$935 – $1,141
2 bedrooms	$1,358	$1,277	+6.3%	$1,223 – $1,493
3 bedrooms	$1,618	$1,531	+5.7%	$1,457 – $1,779
4 bedrooms	$1,983	$1,869	+6.1%	$1,785 – $2,181

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Lake County that is typically $1,223 to $1,493 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$50,750median income of renter households

$1,093Median gross rent, all units

26%Rent-to-income ratio (median rent ÷ median renter income)

45%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $50,750 can afford about $1,269 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,358 is $89 (7.0%) more than that. To rent a two-bedroom at the FMR, a household needs $54,320 a year under the 30% rule, or $48,888 under the common landlord rule that income must be three times the rent.

Lake County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$1,093 ±$57
Median income of renter households	$50,750 ±$20,368
Renters paying 30% or more of income (cost-burdened)	45.0% ±12.6
Renters paying 50% or more (severely cost-burdened)	26.1% ±11.1
Renter households (where the share can be computed)	773

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$662	$1,093	+65.1%
Median renter household income	$42,375	$50,750	+19.8%
Renters paying 30%+ of income	42.5%	45.0%	+2.5 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

HUD income limits for Lake County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $99,900 (FY2025: $101,100, −1.2%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$21,000 −1.2%	$24,000 −1.2%	$27,320 −0.1%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$35,000 −1.1%	$40,000 −1.1%	$45,000 −1.1%	$49,950 −1.2%	$53,950 −1.2%	$57,950 −1.2%	$61,950 −1.2%	$65,950 −1.2%
Low income (80%)	$55,950 −1.2%	$63,950 −1.2%	$71,950 −1.2%	$79,900 −1.2%	$86,300 −1.3%	$92,700 −1.2%	$99,100 −1.2%	$105,500 −1.2%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.