What is the Fair Market Rent for a 2-bedroom in Mankato-North Mankato, MN MSA?

The HUD Fair Market Rent for a 2-bedroom unit in Mankato-North Mankato, MN MSA is $1,171 per month for fiscal year 2026. The studio FMR is $971, 1-bedroom is $977, 3-bedroom is $1,629, and 4-bedroom is $1,916.

What income do you need to afford the FMR in Mankato-North Mankato, MN MSA?

Using the standard 30%-of-income affordability rule, a household would need to earn about $46,840 per year ($3,903 per month) to afford the FY2026 2-bedroom Fair Market Rent of $1,171 in Mankato-North Mankato, MN MSA.

FY2026 Fair Market Rents — Mankato-North Mankato, MN MSA

The HUD-published Fair Market Rents for FY2026 in this area are:

Studio

$971

1BR

$977

2BR

$1,171

3BR

$1,629

4BR

$1,916

Hours/week at min wage

81 hrs

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

YoY change (2BR)

-0.3%

$3 vs FY2025 · 5-yr +21.9%

Voucher payment standard

$1,054–$1,288

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

Mankato-North Mankato, MN MSA

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

FY2026 Fair Market Rents

Bedroom Size	Monthly FMR	Annual Equivalent
Efficiency (Studio)	$971	$11,652
1-Bedroom	$977	$11,724
2-Bedroom	$1,171	$14,052
3-Bedroom	$1,629	$19,548
4-Bedroom	$1,916	$22,992

Recent 2-Bedroom FMR Trend

FY2020 $920 → FY2026 $1,171

Fiscal Year	Studio	1BR	2BR	3BR	4BR
FY2026	$971	$977	$1,171	$1,629	$1,916
FY2025	$963	$969	$1,174	$1,645	$1,971
FY2024	$897	$903	$1,101	$1,552	$1,868
FY2023	$828	$845	$1,056	$1,478	$1,799
FY2022	$710	$776	$992	$1,378	$1,698
FY2021	$646	$732	$961	$1,345	$1,664
FY2020	$612	$704	$920	$1,299	$1,615

View full FMR history back to FY2000 →

FY2026 Income Limits

Area Median Income (AMI): $106,500

AMI Level	1p	2p	3p	4p	5p	6p
30% AMI (Extremely Low)	$22,400	$25,600	$28,800	$33,000	$38,680	$44,360
50% AMI (Very Low)	$37,300	$42,600	$47,950	$53,250	$57,550	$61,800
80% AMI (Low)	$59,650	$68,200	$76,700	$85,200	$92,050	$98,850

Full income limits table (all 8 household sizes) →

Affordability Snapshot

2BR Annual FMR

$14,052/yr

FMR as % of Area Median Income

13.2% of AMI

Under 30% — affordable at median income

Income Needed (30% rule, 2BR)

$46,840/yr

$3,903/mo gross income

FY2026 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	$931	$1,065	$1,198	$1,437	$1,544
60% AMI Maximum	$1,118	$1,278	$1,437	$1,725	$1,853

FY2026 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	$971	$977	$1,171	$1,629	$1,730
Low HOME Rent	$932	$1,065	$1,198	$1,331	$1,438

Compare Mankato-North Mankato, MN MSA 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