The PHA sets a payment standard ranging from 90% to 110% of the Fair Market Rents (FMRs).

Two Harbors, MN 55616's Section 8 Fair Market Rent

In the year 2024, as a landlord, if you're looking to rent your property to a Section 8 tenant or another housing voucher program in the 55616 zip code area, you can consider the following rental prices based on HUD income limits.

Efficiency:The efficiency rental rates range from a low of $702 to a high of $858, with an average of $780.
One-bedroom: One-bedroom rental prices vary, with a minimum of $783, a maximum of $957, and an average of $870.
Two-bedroom: The rental rates for two-bedroom apartments exhibit a range, starting at a minimum of $1,026, peaking at a maximum of $1,254, and averaging at $1,140.
Three-bedroom: Three-bedroom rental rates exhibit a range, with a minimum of $1,368, a maximum of $1,672, and an average of $1,520.
Four-bedroom: The rental prices for four-bedroom properties fluctuate, ranging from a minimum of $1,746 to a maximum of $2,134, with an average of $1,940.

The fair market rent mentioned already includes all utilities. If a landlord chooses not to provide utility coverage, they can subtract the utility costs from the rent to determine the adjusted rental price.

Each housing authority establishes its own rental rates, so you should check the pricing set by that specific housing authority to determine the maximum amount they can offer. It's advisable to adhere to their pricing guidelines.

HUD's Fair Market Rent guides Section 8 rates for your rental unit.

Year City, State, Zipcode HUD Fair Market Rent Bedrooms
Studio 1 Bedroom 2 Bedroom 3 Bedroom 4 Bedroom
2024 Two Harbors, MN 55616 Low Rent (90%) $702 $783 $1,026 $1,368 $1,746
Average Rent $780 $870 $1,140 $1,520 $1,940
High Rent(110%) $858 $957 $1,254 $1,672 $2,134
2024 Two Harbors, MN 55616 Low Rent (90%) $702 $783 $1,026 $1,368 $1,746
Average Rent $780 $870 $1,140 $1,520 $1,940
High Rent (110%) $858 $957 $1,254 $1,672 $2,134
2023 Two Harbors, MN 55616 Low Rent (90%) $621 $720 $873 $1,152 $1,431
Average Rent $690 $800 $970 $1,280 $1,590
High Rent(110%) $759 $880 $1,067 $1,408 $1,749
2022 Two Harbors, MN 55616 Low Rent (90%) $540 $594 $729 $981 $1,134
Average Rent $600 $660 $810 $1,090 $1,260
High Rent (110%) $660 $726 $891 $1,199 $1,386
2021 Two Harbors, MN 55616 Low Rent (90%) $558 $576 $756 $972 $1,188
Average Rent $620 $640 $840 $1,080 $1,320
High Rent(110%) $682 $704 $924 $1,188 $1,452
2020 Two Harbors, MN 55616 Low Rent (90%) $531 $558 $720 $927 $1,134
Average Rent $590 $620 $800 $1,030 $1,260
High Rent (110%) $649 $682 $880 $1,133 $1,386
2019 Two Harbors, MN 55616 Low Rent (90%) $567 $612 $792 $1,017 $1,260
Average Rent $630 $680 $880 $1,130 $1,400
High Rent(110%) $693 $748 $968 $1,243 $1,540


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