Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,277$15,324 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Lake County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Lake County, MN
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $880 | $10,560 | $35,200 | $16.92/hr |
| 1-Bedroom Apartment | $973 | $11,676 | $38,920 | $18.71/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,277 | $15,324 | $51,080 | $24.56/hr |
| 3-Bedroom Home | $1,531 | $18,372 | $61,240 | $29.44/hr |
| 4-Bedroom Home | $1,869 | $22,428 | $74,760 | $35.94/hr |
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Frequently Asked Questions About Rent in Lake County, MN
What is the Fair Market Rent for a 2-bedroom in Lake County, MN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Lake County, MN is $1,277 per month ($15,324 per year).
What hourly wage is needed to afford rent in Lake County, MN?
To comfortably afford a 2-bedroom apartment at $1,277/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $24.56 per hour ($51,080/year).
What are the HUD Fair Market Rents by bedroom count in Lake County, MN?
Official 2026 HUD rents in Lake County, MN are: Studio: $880/mo, 1-Bedroom: $973/mo, 2-Bedroom: $1,277/mo, 3-Bedroom: $1,531/mo, and 4-Bedroom: $1,869/mo.
How do HUD Fair Market Rents compare to local incomes in Lake County, MN?
At the local Census ACS median household income of $75,541/year ($6,295/month), the benchmark 2-bedroom Fair Market Rent represents 20.3% of monthly income.
How is the 30% housing affordability standard calculated in Lake County, MN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,277/month, the required minimum annual gross income is calculated as ($1,277 × 12) ÷ 0.30 = $51,080 per year.