Location: Des Moines-West Des Moines, IA | Metro: Des Moines-West Des Moines, IA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,620 | $368,486 | 0.44% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 50007 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $1050 for the fiscal year 2024. This SAFMR figure is specific to this ZIP code, meaning it reflects the rental rates considered fair within 50007.
Local market rents for a similar two-bedroom unit are currently unavailable, which makes direct comparison challenging. However, the SAFMR serves as a reliable benchmark for landlords who participate in the Section 8 program.
A voucher payment under Section 8 covers a significant portion of the rent but not all. The reimbursement formula includes the tenant's portion, which is typically 30% of their adjusted income, plus any utility allowances. If we assume an average adjusted income of $1750 per month for a household in ZIP 50007, the tenant would contribute $525 toward the rent ($1750 * 0.3).
This leaves the remaining $525 to be covered by the utility allowance and the actual voucher payment. Utility allowances can vary but are usually around $200-$300 per month, depending on the region and type of utilities. Therefore, the voucher itself would cover approximately $750-$850 of the total $1050 rent, assuming a utility allowance of $200-$300.
In ZIP 50007, landlords participating in Section 8 for a two-bedroom apartment can expect a reimbursement gap. With the SAFMR at $1050 and the voucher covering roughly $750-$850, landlords must account for a shortfall of about $200-$300 per month. This gap represents the difference between the market rent allowed by the program and what the voucher actually reimburses.
To summarize, the typical reimbursement for a two-bedroom apartment in ZIP 50007 under the Section 8 program will result in a $200-$300 monthly gap. Landlords should consider this when deciding whether to participate in the program, as it directly impacts their cash flow and financial planning.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.