Nicollet 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).

$1,2302-bedroom FMR, FY2027

$1,0231-bedroom FMR, FY2027

$85,20080% income limit, family of 4 (FY2026)

$106,500Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Nicollet County is $1,230 a month, up 5.0% from $1,171 in FY2026. Nicollet County belongs to the Mankato, MN MSA FMR area, 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 Nicollet County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$1,016	$971	+4.6%	$915 – $1,117
1 bedroom	$1,023	$977	+4.7%	$921 – $1,125
2 bedrooms	$1,230	$1,171	+5.0%	$1,107 – $1,353
3 bedrooms	$1,703	$1,629	+4.5%	$1,533 – $1,873
4 bedrooms	$1,744	$1,916	−9.0%	$1,570 – $1,918

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 Nicollet County that is typically $1,107 to $1,353 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?

$45,901median income of renter households

$970Median gross rent, all units

25%Rent-to-income ratio (median rent ÷ median renter income)

40%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $45,901 can afford about $1,148 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,230 is $82 (7.2%) more than that. To rent a two-bedroom at the FMR, a household needs $49,200 a year under the 30% rule, or $44,280 under the common landlord rule that income must be three times the rent.

Nicollet County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$970 ±$26
Median income of renter households	$45,901 ±$3,420
Renters paying 30% or more of income (cost-burdened)	40.3% ±7.5
Renters paying 50% or more (severely cost-burdened)	18.7% ±5.4
Renter households (where the share can be computed)	3,404

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$837	$970	+15.9%
Median renter household income	$37,609	$45,901	+22.0%
Renters paying 30%+ of income	40.6%	40.3%	−0.3 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.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $1,060 to $1,670 depending on the ZIP code.

All 30 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
55332	$880	$880	$1,090	$1,470	$1,790
55334	$880	$880	$1,060	$1,470	$1,730
55335	$880	$880	$1,060	$1,470	$1,730
56001	$1,120	$1,120	$1,350	$1,870	$1,910
56002	$1,070	$1,080	$1,300	$1,800	$1,840
56003	$880	$890	$1,070	$1,480	$1,730
56010	$880	$880	$1,060	$1,470	$1,730
56021	$880	$880	$1,070	$1,470	$1,730
56024	$1,350	$1,360	$1,630	$2,260	$2,310
56025	$910	$1,070	$1,320	$1,780	$1,790
56034	$880	$890	$1,070	$1,480	$1,730
56037	$880	$880	$1,060	$1,470	$1,730
56041	$880	$920	$1,200	$1,470	$1,920
56048	$880	$880	$1,060	$1,470	$1,730
56050	$880	$880	$1,060	$1,470	$1,730
56054	$880	$880	$1,060	$1,470	$1,730
56055	$880	$880	$1,060	$1,470	$1,730
56058	$880	$880	$1,100	$1,520	$1,730
56060	$880	$930	$1,120	$1,470	$1,730
56062	$880	$880	$1,060	$1,470	$1,730
56063	$880	$880	$1,070	$1,470	$1,730
56065	$880	$880	$1,060	$1,470	$1,730
56068	$880	$990	$1,180	$1,610	$1,730
56073	$880	$880	$1,110	$1,470	$1,760
56074	$880	$880	$1,060	$1,470	$1,730
56078	$1,320	$1,360	$1,670	$2,280	$2,320
56080	$880	$880	$1,060	$1,470	$1,730
56082	$920	$930	$1,120	$1,550	$1,730
56088	$880	$1,030	$1,240	$1,610	$1,730
56090	$980	$990	$1,190	$1,650	$1,770

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Nicollet County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $106,500 (FY2025: $104,700, +1.7%). 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%)	$22,400 +1.8%	$25,600 +1.8%	$28,800 +1.8%	$33,000 +2.6%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$37,300 +1.8%	$42,600 +1.7%	$47,950 +1.7%	$53,250 +1.7%	$57,550 +1.8%	$61,800 +1.7%	$66,050 +1.7%	$70,300 +1.7%
Low income (80%)	$59,650 +1.7%	$68,200 +1.8%	$76,700 +1.7%	$85,200 +1.7%	$92,050 +1.8%	$98,850 +1.7%	$105,650 +1.7%	$112,500 +1.8%

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.