FY2026 Fair Market Rents — Steele County
Studio
$787
1BR
$870
2BR
$1,142
3BR
$1,549
4BR
$1,816
Steele County, Minnesota
FIPS 27147 · County-level FMR and income limit data
FMR Area: Steele County, MN
FY2026 Fair Market Rents
| Bedroom Size | Monthly FMR | Annual Equivalent |
|---|---|---|
| Efficiency (Studio) | $787 | $9,444 |
| 1-Bedroom | $870 | $10,440 |
| 2-Bedroom | $1,142 | $13,704 |
| 3-Bedroom | $1,549 | $18,588 |
| 4-Bedroom | $1,816 | $21,792 |
To afford the FY2026 2-bedroom FMR of $1,142/mo under the 30%-of-income rule, a household needs about
$45,680/yr ($3,807/mo). Area Median Income is $117,000.
At MN's state minimum wage of $11.13/hr, a worker would need to work 79 hours/week to afford that rent.
Recent FMR Trend
| Fiscal Year | Studio | 1BR | 2BR | 3BR | 4BR |
|---|---|---|---|---|---|
| FY2026 | $787 | $870 | $1,142 | $1,549 | $1,816 |
| FY2025 | $728 | $784 | $1,025 | $1,436 | $1,721 |
| FY2024 | $808 | $814 | $1,061 | $1,495 | $1,801 |
| FY2023 | $666 | $726 | $939 | $1,334 | $1,599 |
| FY2022 | $572 | $661 | $861 | $1,223 | $1,474 |
| FY2021 | $504 | $584 | $764 | $1,093 | $1,323 |
| FY2020 | $543 | $632 | $833 | $1,181 | $1,463 |
FY2026 Income Limits
Area Median Income: $117,000
| Income Level | 1p | 2p | 3p | 4p | 5p | 6p |
|---|---|---|---|---|---|---|
| 30% AMI | $24,600 | $28,100 | $31,600 | $35,100 | $38,680 | $44,360 |
| 50% AMI | $40,950 | $46,800 | $52,650 | $58,500 | $63,200 | $67,900 |
| 80% AMI | $65,550 | $74,900 | $84,250 | $93,600 | $101,100 | $108,600 |