Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,014$12,168 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Lake of the Woods County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Lake of the Woods 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 | $699 | $8,388 | $27,960 | $13.44/hr |
| 1-Bedroom Apartment | $773 | $9,276 | $30,920 | $14.87/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,014 | $12,168 | $40,560 | $19.50/hr |
| 3-Bedroom Home | $1,216 | $14,592 | $48,640 | $23.38/hr |
| 4-Bedroom Home | $1,474 | $17,688 | $58,960 | $28.35/hr |
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Frequently Asked Questions About Rent in Lake of the Woods County, MN
What is the Fair Market Rent for a 2-bedroom in Lake of the Woods County, MN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Lake of the Woods County, MN is $1,014 per month ($12,168 per year).
What hourly wage is needed to afford rent in Lake of the Woods County, MN?
To comfortably afford a 2-bedroom apartment at $1,014/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $19.50 per hour ($40,560/year).
What are the HUD Fair Market Rents by bedroom count in Lake of the Woods County, MN?
Official 2026 HUD rents in Lake of the Woods County, MN are: Studio: $699/mo, 1-Bedroom: $773/mo, 2-Bedroom: $1,014/mo, 3-Bedroom: $1,216/mo, and 4-Bedroom: $1,474/mo.
How do HUD Fair Market Rents compare to local incomes in Lake of the Woods County, MN?
At the local Census ACS median household income of $77,546/year ($6,462/month), the benchmark 2-bedroom Fair Market Rent represents 15.7% of monthly income.
How is the 30% housing affordability standard calculated in Lake of the Woods County, MN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,014/month, the required minimum annual gross income is calculated as ($1,014 × 12) ÷ 0.30 = $40,560 per year.