The 2 bedroom fair market rent in Two Harbors (Lake County) is $1,380 for FY2026. Rents here moved +6.2 percent year over year. ZIP 55616 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 | $950 | +6.7% | |
| 1 bedroom | $1,050 | +6.1% | |
| 2 bedroom | $1,380 | +6.2% | |
| 3 bedroom | $1,660 | +5.7% | |
| 4 bedroom | $2,010 | -7.8% |
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, 55616 ranks number 2 of 6 on 2 bedroom fair market rent. That is $105 above the county median of $1,275. The county runs from $1,120 in Isabella 55607 to $1,470 in Knife River 55609. Statewide the median 2 bedroom fair market rent is $1,090, which puts Two Harbors 27 percent above the Minnesota median. The largest single year move since FY2021 came in FY2023, +19.8 percent, and the 2 bedroom estimate has gone from $840 to $1,380 over 5 fiscal years. Zillow does not publish a rent index for 55616, 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 Brimson 55602 the lowest at $1,250, against $1,380 here.
The HUD fair market rent for a 2 bedroom in ZIP 55616 is $1,380 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 6.2 percent from FY2025 to FY2026, moving from $1,300 to $1,380.
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 $1,380 for a 2 bedroom, a deal in Two Harbors 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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