Location: Boone County, IA | Metro: Boone County, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 50031, located in Boone County, Iowa, represents an opportunity that can be strategically integrated into a Section 8 portfolio. Given the available data, this area stands out as a potential cash-flow anchor. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $900 for this ZIP code, which is a significant figure to consider.
Despite the lack of specific market rental rates and median home values for ZIP 50031, the FMR benchmark provides a reliable minimum for rental income. Landlords and small-portfolio investors can use this figure to ensure they maintain positive cash flow on their properties. With a guaranteed minimum rent of $900 per unit, these investors can plan their budgets around predictable income streams, reducing financial risk.
The median income in ZIP 50031 is $73,750, indicating that residents have a reasonable level of disposable income. This suggests that tenants will likely be able to afford rent without undue financial strain, leading to lower vacancy rates and higher tenant retention. The 12.5% renter share means that a significant portion of the population is already accustomed to renting, further supporting the likelihood of steady occupancy.
While there's no explicit data on property appreciation or days on market (DOM), the consistent demand for rental properties and the stable income levels suggest that this area offers a solid foundation for maintaining cash flow. For investors looking to balance risk and reward, ZIP 50031 provides a secure base through its dependable Section 8 rental income.
In conclusion, ZIP 50031 should be considered as a cash-flow anchor within a Section 8 portfolio. The $900 FMR for FY 2024 ensures a stable income source, while the median income of $73,750 supports the ability of residents to pay rent reliably. This combination makes it an attractive option for those prioritizing financial security over speculative gains.
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.