County FMR · HUD FY2026
Lake County Fair Market Rent
HUD's FY2026 Fair Market Rent for Lake County, MN - 1% above the US average.
- $973
- 1-bedroom FMR
- $1,277
- 2-bedroom FMR
- +3.3%
- YoY change
- +1%
- vs US avg
The verdict
Lake is the 14th most expensive of 87 counties in Minnesota by 2-bedroom FMR; nationally it ranks #786 most expensive of 3,145 HUD counties.
- #786
- most expensive of 3,145 US counties (2BR)
- #14
- most expensive of 87 in Minnesota (2BR)
- +8%
- vs the state average
- $38,920
- income to afford it (30% rule)
Software Developers spend the smallest share of income on rent here (9.4%), while Fast Food and Counter Workers spend the most (36.5%).
FY 2026 HUD Fair Market Rent for Lake County, MN. Verify with HUD →
HUD sets the FY 2026 1-bedroom Fair Market Rent for Lake County, Minnesota at $973 per month - the federal rental-assistance benchmark for this county. A 2-bedroom costs $1,277/mo and a studio is $880/mo. This is 1% higher than the national average of $959 and 8% above the Minnesota average of $899.
Rent increased3.3% from FY 2025 ($942), outpacing inflation. Under the 30% rule, affordability starts near $38,920/year for a 1-bedroom.
Observed renter burden: 37.4% of the 805 renter households counted by ACS paid at least 30% of income in gross rent. This ACS 2023 household measure is distinct from HUD's FY2026 Fair Market Rent benchmark above.
Market slack: The ACS rental vacancy rate here is 6.8%, close to the range where market rents and HUD's FMR benchmark tend to track each other.
Local labor market: The county's BLS unemployment rate has averaged 4.6% over the past 12 months, close to the typical US county range.
FY 2026 HUD Fair Market Rents in Minnesota. Population: 10,915. Population has held roughly steady over the past five years (+3.2%, Census ACS). That's in line with Minnesota's statewide growth of +3.4% over the same period.
FMR filing desk
Area LAKE·COUNTY·MN·MN
Lake County, MN: $973/mo 1BR · #786 of 3145 counties (2BR) · FY2026
- FMR-AREA MN
- 1BR-FMR $973
- 2BR-FMR $1,277
- RANK-MID #786
- YOY-UP +3.3%
- VSUS-NEAR +1%
- VS-ST-HIGH +8% MN
- INC-ROOM 15%
- POP-SMALL 11K
- PHOTO-NEAR Hennepin County
- VOUCH-90-110 $876–$1,070
- FY-2026 FY2026
Photo-finish peer: Hennepin ($432 1BR gap)
Read with: How Fair Market Rent works
Fair Market Rents (2026)
Year-over-Year Comparison
| Bedrooms | FY 2025 | FY 2026 | Change |
|---|---|---|---|
| Studio | $848 | $880 | +$32 (+3.8%) |
| 1 Bedroom | $942 | $973 | +$31 (+3.3%) |
| 2 Bedroom | $1,236 | $1,277 | +$41 (+3.3%) |
| 3 Bedroom | $1,489 | $1,531 | +$42 (+2.8%) |
| 4 Bedroom | $2,076 | $1,869 | $-207 (-10.0%) |
Rent Burden Analysis
How much of household income goes to rent in Lake County. The 30% threshold indicates cost burden.
How we calculate this
Rent burden = (FMR × 12) ÷ county median household income. Required income = (FMR × 12) ÷ 0.3, the federal 30%-of-gross-income rule HUD uses to define cost burden. Median household income is from the U.S. Census Bureau's American Community Survey; FMR is from HUD's FY2026 release. See methodology.
Where Lake sits among every US county
2-bedroom Fair Market Rent vs. all 3,145 HUD counties
$1,277 Top 25% higher than 75% of 3,145 counties
Each bar is a $0.2K-wide band; taller bars hold more counties. The dashed line + filled bar mark this entry. Hover or tap any bar for its full count, share, and where it sits relative to this entry.
Source U.S. Department of Housing and Urban Development, Fair Market Rents · FY2026
How Lake compares on 1-bedroom rent
1-bedroom FMR vs other Minnesota counties
- Hennepin
Hennepin County
$1,405 1BR FMR / mo
- Ramsey
Ramsey County
$1,405 1BR FMR / mo
- Dakota
Dakota County
$1,405 1BR FMR / mo
- Anoka
Anoka County
$1,405 1BR FMR / mo
- Washington
Washington County
$1,405 1BR FMR / mo
- St. Louis
St. Louis County
$978 1BR FMR / mo
- Lake
Lake County
$973 1BR FMR / mo
What this shows Lake is highlighted. Nearby Minnesota counties by 1-bedroom FMR, highest to lowest: Hennepin County ($1,405), Ramsey County ($1,405), Dakota County ($1,405), Anoka County ($1,405), Washington County ($1,405), St. Louis County ($978), Lake County (this county) ($973).
Can Common Jobs Afford Rent Here?
How a 1-bedroom at $973/mo compares to Minnesota salaries for popular occupations (BLS wage data, 30%-of-income rule).
| Occupation | MN Salary | Rent Burden | Verdict |
|---|---|---|---|
| Software Developers | $124,540 | 9.4% | Affordable |
| Registered Nurses | $100,870 | 11.6% | Affordable |
| General & Operations Managers | $96,130 | 12.1% | Affordable |
| Police & Sheriff's Patrol Officers | $83,310 | 14% | Affordable |
| Electricians | $81,430 | 14.3% | Affordable |
| Accountants & Auditors | $81,100 | 14.4% | Affordable |
| Paralegals & Legal Assistants | $67,320 | 17.3% | Affordable |
| Elementary School Teachers | $63,120 | 18.5% | Affordable |
| Heavy & Tractor-Trailer Truck Drivers | $61,090 | 19.1% | Affordable |
| Pharmacy Technicians | $48,560 | 24% | Affordable |
| Customer Service Representatives | $47,470 | 24.6% | Affordable |
| Janitors & Cleaners | $38,320 | 30.5% | Stretched |
| Teaching Assistants | $38,160 | 30.6% | Stretched |
| Retail Salespersons | $35,310 | 33.1% | Stretched |
| Fast Food & Counter Workers | $31,950 | 36.5% | Stretched |
Rent Trends (2020–2026)
7-year Fair Market Rent history for Lake County. Shows how HUD rental rates have changed over time.
Over the 6-year span HUD has tracked for Lake (FY 2020-2026), the 1-bedroom Fair Market Rent has risen 65.2% overall, from $589 to $973. Most of that movement was gradual except for a single sharp jump of +21.3% in FY 2023, well above this county's typical year-to-year change.
| Year | Studio | 1 BR | 2 BR |
|---|---|---|---|
| FY 2026 ↑3.3% | $880 | $973 | $1,277 |
| FY 2025 ↑9.5% | $848 | $942 | $1,236 |
| FY 2024 ↑4.2% | $774 | $860 | $1,130 |
| FY 2023 ↑21.3% | $716 | $825 | $997 |
| FY 2022 ↑14.9% | $611 | $680 | $826 |
| FY 2021 ↑0.5% | $484 | $592 | $734 |
| FY 2020 | $506 | $589 | $768 |
Where Lake County Ranks in Minnesota
Lake County is not part of any federally-designated metropolitan or micropolitan statistical area -- an independent rental market not administratively tied to a larger urban core. By 2-bedroom FMR, it ranks #74 of 87 counties in Minnesota. Nearest by rank: Houston County ($1,166), Blue Earth County ($1,171), Nicollet County ($1,171), Rice County ($1,187), Benton County ($1,206), Stearns County ($1,206), Carlton County ($1,232), St. Louis County ($1,232), Lake County (this county) ($1,277), Dodge County ($1,407), Olmsted County ($1,407), Anoka County ($1,709), Carver County ($1,709), Chisago County ($1,709), Dakota County ($1,709), Hennepin County ($1,709), Isanti County ($1,709).
Nationwide peers by 2BR FMR & rent burden
Two PlainRent-derived comparison paths for Lake County, both outside Minnesota so the link neighborhoods are not the same-state geography lattice above. Axes stay disjoint: burden peers exclude the FMR peer set.
Similar 2-bedroom FMR
Nearest HUD 2BR Fair Market Rents outside MN (FY2026).
Similar rent burden
Nearest 2BR FMR as a share of median household income (outside MN).
Nearby Counties in Minnesota
Largest counties by population in Minnesota
Showing the 8 largest of 86 other counties in Minnesota.
Frequently Asked Questions
What is the average rent in Lake County?
The FY 2026 Fair Market Rent for a 1-bedroom in Lake County is $973 per month. A 2-bedroom is $1,277 and a studio is $880.
How does Lake County rent compare to the national average?
Rent in Lake County is 1% above the national average. A 1-bedroom here costs $973 compared to $959 nationally.
Where does Lake County rank nationally for Fair Market Rent?
According to HUD's FY 2026 Fair Market Rent schedule, Lake County's 2-bedroom FMR of $1,277 ranks #786 most expensive among 3,145 HUD counties, placing it in the upper-rent quarter of HUD counties.
What income do I need to afford rent in Lake County?
Based on the 30% affordability rule, you need an annual income of at least $38,920 ($3,243/month) to afford a 1-bedroom at Fair Market Rent in Lake County.
Is rent going up or down in Lake County?
The 1-bedroom Fair Market Rent in Lake County increased by 3.3% from FY 2025 to FY 2026, going from $942 to $973.
Which jobs can afford rent in Lake County?
Based on Minnesota BLS salary data and the 30% affordability rule, jobs like Software Developers, Registered Nurses, General and Operations Managers can afford a 1-bedroom at $973/mo. 11 of 15 common occupations are affordable here.
How much has rent changed in Lake County over time?
The 1-bedroom Fair Market Rent in Lake County went from $589 in FY 2020 to $973 in FY 2026, a total change of +65.2% over 6 years.
How does Fair Market Rent affect Section 8 vouchers in Lake County?
In Lake County, the FY 2026 FMR of $973/mo for a 1-bedroom sets the baseline that local housing authorities use for Section 8 payment standards.
What does Fair Market Rent mean for Lake County?
For Lake County, it's the specific 40th-percentile rent HUD publishes each year ($973/mo for a 1-bedroom in FY 2026).
Is the rental market tight or loose in Lake County?
The ACS rental vacancy rate here is 6.8%, close to the range where market rents and HUD's FMR benchmark tend to track each other.
What is the unemployment rate in Lake County?
The county's BLS unemployment rate has averaged 4.6% over the past 12 months, close to the typical US county range.
Data sources
What this means for renters
Treat Lake's FY2026 Fair Market Rent as HUD's affordability benchmark, not a single market quote.
- Budget to roughly 30% of income: the FY2026 1-bedroom FMR of $973 implies about $38,920/yr to rent without being cost-burdened. Run your numbers
- Minnesota counties vary widely around this figure - compare specific counties before assuming this applies to yours. Compare vs Hennepin
- See where Lake ranks nationally on rent. National rankings
Fair Market Rent is HUD's 40th-percentile policy benchmark used to set Housing Choice Voucher payment standards. Actual asking rents can run higher or lower, and HUD updates FMRs once a year. This site is informational and not financial or relocation advice.
Every figure on PlainRent is rendered directly from HUD's published Fair Market Rent records, no number is typed in by an editor. See our editorial standards & corrections policy, the methodology behind these numbers, or report a data error. Data current as of FY 2026.