The 2 bedroom fair market rent in Ivanhoe (Lincoln County) is $980 for FY2026. Rents here moved -3.9 percent year over year. ZIP 56142 sits in the Yellow Medicine 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 | $680 | -2.9% | |
| 1 bedroom | $750 | -6.2% | |
| 2 bedroom | $980 | -3.9% | |
| 3 bedroom | $1,290 | -4.4% | |
| 4 bedroom | $1,300 | -3.7% |
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 Lincoln County ZIP codes with a HUD rent estimate, 56142 ranks number 4 of 5 on 2 bedroom fair market rent. That is $10 below the county median of $990. The county runs from $970 in Hendricks 56136 to $1,010 in Tyler 56178. Statewide the median 2 bedroom fair market rent is $1,090, which puts Ivanhoe 10 percent below the Minnesota median. Zillow does not publish a rent index for 56142, 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, Porter 56280 carries the highest 2 bedroom fair market rent at $1,180 and Hendricks 56136 the lowest at $970, against $980 here.
The HUD fair market rent for a 2 bedroom in ZIP 56142 is $980 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent fell 3.9 percent from FY2025 to FY2026, moving from $1,020 to $980.
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 $980 for a 2 bedroom, a deal in Ivanhoe 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.
