Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,187$14,244 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Rice County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Rice 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 | $899 | $10,788 | $35,960 | $17.29/hr |
| 1-Bedroom Apartment | $905 | $10,860 | $36,200 | $17.40/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,187 | $14,244 | $47,480 | $22.83/hr |
| 3-Bedroom Home | $1,534 | $18,408 | $61,360 | $29.50/hr |
| 4-Bedroom Home | $1,991 | $23,892 | $79,640 | $38.29/hr |
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Frequently Asked Questions About Rent in Rice County, MN
What is the Fair Market Rent for a 2-bedroom in Rice County, MN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Rice County, MN is $1,187 per month ($14,244 per year).
What hourly wage is needed to afford rent in Rice County, MN?
To comfortably afford a 2-bedroom apartment at $1,187/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $22.83 per hour ($47,480/year).
What are the HUD Fair Market Rents by bedroom count in Rice County, MN?
Official 2026 HUD rents in Rice County, MN are: Studio: $899/mo, 1-Bedroom: $905/mo, 2-Bedroom: $1,187/mo, 3-Bedroom: $1,534/mo, and 4-Bedroom: $1,991/mo.
How do HUD Fair Market Rents compare to local incomes in Rice County, MN?
At the local Census ACS median household income of $83,181/year ($6,932/month), the benchmark 2-bedroom Fair Market Rent represents 17.1% of monthly income.
How is the 30% housing affordability standard calculated in Rice County, MN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,187/month, the required minimum annual gross income is calculated as ($1,187 × 12) ÷ 0.30 = $47,480 per year.