What is the Fair Market Rent for a 2-bedroom in Lake County, MN HUD Metro FMR Area?

The HUD Fair Market Rent for a 2-bedroom unit in Lake County, MN HUD Metro FMR Area is $1,236 per month for fiscal year 2025. The studio FMR is $848, 1-bedroom is $942, 3-bedroom is $1,489, and 4-bedroom is $2,076.

What income do you need to afford the FMR in Lake County, MN HUD Metro FMR Area?

Using the standard 30%-of-income affordability rule, a household would need to earn about $49,440 per year ($4,120 per month) to afford the FY2025 2-bedroom Fair Market Rent of $1,236 in Lake County, MN HUD Metro FMR Area.

FY2025 Fair Market Rents — Lake County, MN HUD Metro FMR Area

The HUD-published Fair Market Rents for FY2025 in this area are:

Studio

$848

1BR

$942

2BR

$1,236

3BR

$1,489

4BR

$2,076

Hours/week at min wage

86 hrs

to afford the 2BR FMR @ $11.13/hr (MN)

National rank

#283

of 639 U.S. metros (top 45% most expensive)

YoY change (2BR)

+9.4%

+$106 vs FY2024

Voucher payment standard

$1,112–$1,360

PHAs set HCV payment at 90–110% of the 2BR FMR

Lake County, MN HUD Metro FMR Area

Metropolitan area · MN · View full history · Income limits · LIHTC rents

FY2025 Fair Market Rents

Bedroom Size	Monthly FMR	Annual Equivalent
Efficiency (Studio)	$848	$10,176
1-Bedroom	$942	$11,304
2-Bedroom	$1,236	$14,832
3-Bedroom	$1,489	$17,868
4-Bedroom	$2,076	$24,912

Recent 2-Bedroom FMR Trend

FY2022 $826 → FY2025 $1,236

Fiscal Year	Studio	1BR	2BR	3BR	4BR
FY2025	$848	$942	$1,236	$1,489	$2,076
FY2024	$774	$860	$1,130	$1,502	$1,918
FY2023	$716	$825	$997	$1,316	$1,639
FY2022	$611	$680	$826	$1,116	$1,120

View full FMR history back to FY2000 →

FY2024 Income Limits

Area Median Income (AMI): $96,100

AMI Level	1p	2p	3p	4p	5p	6p
30% AMI (Extremely Low)	$20,200	$23,100	$26,000	$31,200	$36,580	$41,960
50% AMI (Very Low)	$33,650	$38,450	$43,250	$48,050	$51,900	$55,750
80% AMI (Low)	$53,850	$61,550	$69,250	$76,900	$83,100	$89,250

Full income limits table (all 8 household sizes) →

Affordability Snapshot

2BR Annual FMR

$14,832/yr

FMR as % of Area Median Income

15.4% of AMI

Under 30% — affordable at median income

Income Needed (30% rule, 2BR)

$49,440/yr

$4,120/mo gross income

FY2024 LIHTC Maximum Rents

Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →

AMI Band	Studio	1BR	2BR	3BR	4BR
50% AMI Maximum	$840	$961	$1,081	$1,297	$1,393
60% AMI Maximum	$1,009	$1,153	$1,297	$1,556	$1,672

FY2024 HOME Program Rent Limits

Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →

Limit Type	Studio	1BR	2BR	3BR	4BR
High HOME Rent	$774	$860	$1,130	$1,502	$1,561
Low HOME Rent	$841	$961	$1,081	$1,201	$1,297

Compare Lake County, MN HUD Metro FMR Area With Other MN Metros

vs. Duluth, MN-WI MSA vs. Fargo, ND-MN MSA vs. Fillmore County, MN HUD Metro FMR Area vs. Grand Forks, ND-MN MSA vs. La Crosse-Onalaska, WI-MN MSA