The 2 bedroom fair market rent in Knife River (Lake County) is $1,470 for FY2026. Rents here moved +7.3 percent year over year. ZIP 55609 sits in the Lake 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 | $1,010 | +7.4% | |
| 1 bedroom | $1,130 | +7.6% | |
| 2 bedroom | $1,470 | +7.3% | |
| 3 bedroom | $1,850 | +7.6% | |
| 4 bedroom | $2,250 | -2.2% |
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 6 Lake County ZIP codes with a HUD rent estimate, 55609 ranks the highest on 2 bedroom fair market rent. That is $195 above the county median of $1,275. Statewide the median 2 bedroom fair market rent is $1,090, which puts Knife River 35 percent above the Minnesota median. The largest single year move since FY2022 came in FY2023, +17.8 percent, and the 2 bedroom estimate has gone from $900 to $1,470 over 4 fiscal years. Zillow does not publish a rent index for 55609, 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, Duluth 55803 carries the highest 2 bedroom fair market rent at $1,710 and Duluth 55805 the lowest at $1,290, against $1,470 here.
The HUD fair market rent for a 2 bedroom in ZIP 55609 is $1,470 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 $1,370 to $1,470.
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 $1,470 for a 2 bedroom, a deal in Knife River 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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