Location: Greene County, 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 | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $111,071 | 1.31% | A |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 50029 in fiscal year 2024 is set at $970. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for Section 8 housing assistance in this area. It's important to note that this does not necessarily mean your rent will be exactly $970; it serves as a benchmark for determining the maximum rent HUD will pay on behalf of eligible tenants.
To put this into perspective, the average market rent for ZIP 50029, based on recent Census American Community Survey (ACS) data, is $894. This indicates that the FMR is slightly above the typical rent, which could be advantageous if you're looking to cover your costs and ensure a steady income stream through the Section 8 program.
The rental share in ZIP 50029 is 24.9%, meaning nearly one-quarter of households rent their homes. This suggests a reasonable demand for rental properties, particularly those that qualify for Section 8 assistance. The median household income in the area is around $110,538, which might seem high but remember, Section 8 is designed to assist lower-income families. The income levels of potential tenants will typically be below this median, ensuring they can afford the rent with government assistance.
Before you decide to participate in the Section 8 program with your property in ZIP 50029, verify that your rental unit meets HUD's housing quality standards (HQS). These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in penalties and loss of rental income.
In summary, the FMR of $970 provides a clear guideline for the maximum rent HUD will subsidize, which is higher than the local average of $894. With a 24.9% renter share, there's a good chance of finding tenants who need and qualify for Section 8 assistance. The median income figure of $110,538 gives an idea of the broader economic context but isn't directly relevant to individual tenant eligibility. Ensure your property complies with HQS to avoid issues and to secure your place in the Section 8 program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.