Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,142$13,704 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Steele County, MN
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Steele 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 | $787 | $9,444 | $31,480 | $15.13/hr |
| 1-Bedroom Apartment | $870 | $10,440 | $34,800 | $16.73/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,142 | $13,704 | $45,680 | $21.96/hr |
| 3-Bedroom Home | $1,549 | $18,588 | $61,960 | $29.79/hr |
| 4-Bedroom Home | $1,816 | $21,792 | $72,640 | $34.92/hr |
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Frequently Asked Questions About Rent in Steele County, MN
What is the Fair Market Rent for a 2-bedroom in Steele County, MN?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Steele County, MN is $1,142 per month ($13,704 per year).
What hourly wage is needed to afford rent in Steele County, MN?
To comfortably afford a 2-bedroom apartment at $1,142/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $21.96 per hour ($45,680/year).
What are the HUD Fair Market Rents by bedroom count in Steele County, MN?
Official 2026 HUD rents in Steele County, MN are: Studio: $787/mo, 1-Bedroom: $870/mo, 2-Bedroom: $1,142/mo, 3-Bedroom: $1,549/mo, and 4-Bedroom: $1,816/mo.
How do HUD Fair Market Rents compare to local incomes in Steele County, MN?
At the local Census ACS median household income of $84,196/year ($7,016/month), the benchmark 2-bedroom Fair Market Rent represents 16.3% of monthly income.
How is the 30% housing affordability standard calculated in Steele County, MN?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,142/month, the required minimum annual gross income is calculated as ($1,142 × 12) ÷ 0.30 = $45,680 per year.