The 2 bedroom fair market rent in Wahkon (Mille Lacs County) is $1,040 for FY2026. Rents here moved +2.0 percent year over year. ZIP 56386 sits in the Mille Lacs 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 | $790 | +2.6% | |
| 1 bedroom | $790 | +1.3% | |
| 2 bedroom | $1,040 | +2.0% | |
| 3 bedroom | $1,250 | -3.8% | |
| 4 bedroom | $1,740 | +0.6% |
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 8 Mille Lacs County ZIP codes with a HUD rent estimate, 56386 ranks number 7 of 8 on 2 bedroom fair market rent. That is $205 below the county median of $1,245. The county runs from $990 in Isle 56342 to $1,520 in Princeton 55371. Statewide the median 2 bedroom fair market rent is $1,090, which puts Wahkon 5 percent below the Minnesota median. The largest single year move since FY2021 came in FY2024, +14.9 percent, and the 2 bedroom estimate has gone from $820 to $1,040 over 5 fiscal years. Zillow does not publish a rent index for 56386, 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 Mille Lacs County ZIP code with both signals is on the Mille Lacs County Section 8 page.
Of the 6 nearest ZIP codes with an estimate, Ogilvie 56358 carries the highest 2 bedroom fair market rent at $1,520 and Isle 56342 the lowest at $990, against $1,040 here.
The HUD fair market rent for a 2 bedroom in ZIP 56386 is $1,040 for FY2026. Actual rents vary by unit size, condition, and location within the ZIP.
The 2 bedroom fair market rent rose 2.0 percent from FY2025 to FY2026, moving from $1,020 to $1,040.
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 $1,040 for a 2 bedroom, a deal in Wahkon 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.
