The 2 bedroom fair market rent in Winona (Winona County) is $1,060 for FY2026, and typical market asking rent is $1,171. Rents here moved +11.6 percent year over year. ZIP 55987 sits in the Winona, 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 | $790 | +12.9% | |
| 1 bedroom | $860 | +10.3% | |
| 2 bedroom | $1,060 | +11.6% | |
| 3 bedroom | $1,330 | +10.8% | |
| 4 bedroom | $1,530 | +16.8% |
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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Market asking rent runs about $111 above the 2 bedroom FMR, a 10 percent premium. For an investor that gap is a cushion: underwrite at or near FMR and the market gives you room, and Section 8 tenants at payment standard are competitive with market rate here.
Zillow ZORI is a smoothed index of asking rents across all unit sizes. HUD FMR is a 2 bedroom 40th percentile estimate. They measure different things, so treat the spread as a signal, not a price. See the full FMR versus market rent spread for every Minnesota ZIP with both signals.
Among the 8 Winona County ZIP codes with a HUD rent estimate, 55987 ranks number 6 of 8 on 2 bedroom fair market rent. That is $70 below the county median of $1,130. The county runs from $970 in Dakota 55925 to $1,430 in Utica 55979. Statewide the median 2 bedroom fair market rent is $1,090, which puts Winona 3 percent below the Minnesota median. Voucher competitiveness for every Winona County ZIP code with both signals is on the Winona County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Utica 55979 carries the highest 2 bedroom fair market rent at $1,430 and Minnesota City 55959 the lowest at $1,030, against $1,060 here.
The HUD fair market rent for a 2 bedroom in ZIP 55987 is $1,060 for FY2026. Typical market asking rent is around $1,171 per Zillow as of 2026-06. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 11.6 percent from FY2025 to FY2026, moving from $950 to $1,060.
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 $1,060 for a 2 bedroom, a deal in Winona 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.
