Location: Ames, IA | Metro: Ames, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,670 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 50013 in fiscal year 2024 is set at $1030. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay for a rental unit under the Section 8 Housing Choice Voucher program. It is important to note that this is the payment standard and does not necessarily reflect the actual rent you can charge.
In ZIP 50013, the local median gross rent is currently N/A. This means that the $1030 FMR is your benchmark for determining whether a property qualifies for the Section 8 program. If your property's rent exceeds this amount, you might have difficulty finding tenants who qualify for the vouchers in this area.
The percentage of renters in ZIP 50013 is N/A%, indicating a significant demand for rental housing. Given this high demand, participating in the Section 8 program could be beneficial if you can find properties where the acquisition costs align with the FMR. The average home value in this ZIP code is N/A, which suggests that you should carefully evaluate the potential return on investment against the FMR cap.
Before proceeding with a Section 8 rental in ZIP 50013, ensure that the property meets all HUD quality standards known as Housing Quality Standards (HQS). These standards cover a range of conditions that must be met to ensure the property is safe, decent, and sanitary. A thorough inspection by a HUD-approved inspector is necessary to verify compliance.
In summary, with an FMR of $1030, landlords and small-portfolio investors in ZIP 50013 should focus on properties where the rent is competitive with this amount to attract Section 8 tenants. The high renter share points to strong demand, but make sure to check HQS compliance to avoid complications later.
Data Sources: FMR data from HUD (2027). 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.