Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,171$14,052 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Mankato, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Mankato, 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 | $971 | $11,652 | $38,840 | $18.67/hr |
| 1-Bedroom Apartment | $977 | $11,724 | $39,080 | $18.79/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,171 | $14,052 | $46,840 | $22.52/hr |
| 3-Bedroom Home | $1,629 | $19,548 | $65,160 | $31.33/hr |
| 4-Bedroom Home | $1,916 | $22,992 | $76,640 | $36.85/hr |
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Frequently Asked Questions About Rent in Mankato, MN
What is the Fair Market Rent for a 2-bedroom in Mankato, MN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Mankato, MN is $1,171 per month ($14,052 per year).
What hourly wage is needed to afford rent in Mankato, MN?
To comfortably afford a 2-bedroom apartment at $1,171/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $22.52 per hour ($46,840/year).
What are the HUD Fair Market Rents by bedroom count in Mankato, MN?
Official 2026 HUD rents in Mankato, MN are: Studio: $971/mo, 1-Bedroom: $977/mo, 2-Bedroom: $1,171/mo, 3-Bedroom: $1,629/mo, and 4-Bedroom: $1,916/mo.
How do HUD Fair Market Rents compare to local incomes in Mankato, MN?
At the local Census ACS median household income of $66,873/year ($5,573/month), the benchmark 2-bedroom Fair Market Rent represents 21% of monthly income.
How is the 30% housing affordability standard calculated in Mankato, MN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,171/month, the required minimum annual gross income is calculated as ($1,171 × 12) ÷ 0.30 = $46,840 per year.