The 2 bedroom fair market rent in Medford (Steele County) is $1,170 for FY2026. Rents here moved +7.3 percent year over year. ZIP 55049 sits in the Steele 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 | $810 | -2.4% | |
| 1 bedroom | $890 | +7.2% | |
| 2 bedroom | $1,170 | +7.3% | |
| 3 bedroom | $1,590 | +7.4% | |
| 4 bedroom | $1,860 | +6.9% |
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 5 Steele County ZIP codes with a HUD rent estimate, 55049 ranks number 2 of 5 on 2 bedroom fair market rent. That is $20 above the county median of $1,150. The county runs from $1,020 in Ellendale 56026 to $1,210 in Blooming Prairie 55917. Statewide the median 2 bedroom fair market rent is $1,090, which puts Medford 7 percent above the Minnesota median. Zillow does not publish a rent index for 55049, 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 Steele County ZIP code with both signals is on the Steele County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Faribault 55021 carries the highest 2 bedroom fair market rent at $1,210 and Waseca 56093 the lowest at $1,060, against $1,170 here.
The HUD fair market rent for a 2 bedroom in ZIP 55049 is $1,170 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 7.3 percent from FY2025 to FY2026, moving from $1,090 to $1,170.
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 $1,170 for a 2 bedroom, a deal in Medford 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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