The 2 bedroom fair market rent in Hampton (Dakota County) is $1,520 for FY2026. Rents here moved +4.1 percent year over year. ZIP 55031 sits in the Minneapolis-St. Paul-Bloomington, MN-WI area.
See how this ZIP compares for Section 8 vouchers, fair market rent against market asking rent for every tracked Minnesota ZIP.
| Unit size | FY2026 FMR | Vs FY2025 | ACS median |
|---|---|---|---|
| Studio | $1,100 | +3.8% | |
| 1 bedroom | $1,250 | +4.2% | |
| 2 bedroom | $1,520 | +4.1% | |
| 3 bedroom | $2,020 | +2.5% | |
| 4 bedroom | $2,270 | +1.3% |
FMR is the HUD Fair Market Rent for this ZIP, the 40th percentile of gross rents. It anchors Section 8 payment standards and runs below top of market. ACS median is the Census survey estimate where available.
Get an email when rents change in ZIP 55031. We will send a short note, not a newsletter.
Among the 20 Dakota County ZIP codes with a HUD rent estimate, 55031 ranks number 15 of 20 on 2 bedroom fair market rent. That is $260 below the county median of $1,780. The county runs from $1,520 in Mendota 55150 to $2,180 in Lakeville 55044. Statewide the median 2 bedroom fair market rent is $1,090, which puts Hampton 39 percent above the Minnesota median. The largest single year move since FY2021 came in FY2025, +10.6 percent, and the 2 bedroom estimate has gone from $1,160 to $1,520 over 5 fiscal years. Zillow does not publish a rent index for 55031, so the fair market rent is the only published rent benchmark here. The landlord voucher check compares an asking rent against it. Voucher competitiveness for every Dakota County ZIP code with both signals is on the Dakota County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Randolph 55065 carries the highest 2 bedroom fair market rent at $1,880 and Vermillion 55085 the lowest at $1,520, against $1,520 here.
The HUD fair market rent for a 2 bedroom in ZIP 55031 is $1,520 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 4.1 percent from FY2025 to FY2026, moving from $1,460 to $1,520.
Fair Market Rent is HUD's estimate of the 40th percentile gross rent for a ZIP. It sets Section 8 payment standards, so it is the rent a voucher will support here. Investors use it as a conservative floor when underwriting rental income.
Rent level is only one input. Run the numbers: at $1,520 for a 2 bedroom, a deal in Hampton pencils or it does not based on price, taxes, insurance, and financing. Pencilwrite computes cap rate, cash-on-cash, DSCR, and true ROE from a few inputs.
Pencilwrite turns an address, a price, and these rents into a full underwrite, cap rate, cash-on-cash, DSCR, true ROE, taxes, and an offer you can send. Limited beta access spots open. Sign up for the beta, opening in the next two months. Free.
