The 2 bedroom fair market rent in Lake City (Wabasha County) is $1,240 for FY2026. Rents here moved +5.1 percent year over year. ZIP 55041 sits in the Goodhue County, MN 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 | $1,030 | +5.1% | |
| 1 bedroom | $1,110 | +5.7% | |
| 2 bedroom | $1,240 | +5.1% | |
| 3 bedroom | $1,660 | +6.4% | |
| 4 bedroom | $2,080 | +5.1% |
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.
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Among the 9 Wabasha County ZIP codes with a HUD rent estimate, 55041 ranks number 3 of 9 on 2 bedroom fair market rent. That is $30 above the county median of $1,210. The county runs from $970 in Millville 55957 to $1,300 in Reads Landing 55968. Statewide the median 2 bedroom fair market rent is $1,090, which puts Lake City 14 percent above the Minnesota median. The largest single year move since FY2021 came in FY2024, +9.7 percent, and the 2 bedroom estimate has gone from $910 to $1,240 over 5 fiscal years. Zillow does not publish a rent index for 55041, so the fair market rent is the only published rent benchmark here. The landlord voucher check compares an asking rent against it.
Of the 6 nearest ZIP codes with an estimate, Frontenac 55026 carries the highest 2 bedroom fair market rent at $1,640 and Millville 55957 the lowest at $970, against $1,240 here.
The HUD fair market rent for a 2 bedroom in ZIP 55041 is $1,240 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 5.1 percent from FY2025 to FY2026, moving from $1,180 to $1,240.
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 $1,240 for a 2 bedroom, a deal in Lake City 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.
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