Location: Wayne County, IA | Metro: Lucas County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 50060, located in Corydon, Iowa, presents a unique blend of yield and stability that leans towards a steady-cashflow investment opportunity. The Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $970, while the market rent stands at $780. This indicates a moderate premium when leveraging Section 8 contracts, which can be advantageous for securing rental income.
With an average home value of $149,945, the potential for rental yields is significant. Using the FMR of $970 as a benchmark, an investor could expect a gross annual rental income of approximately $11,640 per unit, leading to a potential yield ratio of about 7.77%. However, considering the market rent of $780, the actual yield would be around 6.54%, still respectable but less robust than the metro FMR suggests.
The stability of this market is evident through the 23.0% of residents who are renters, indicating a consistent demand for rental properties. Although the median income is relatively low at $63,438, this does not necessarily detract from the viability of Section 8 properties, as these programs are designed to support lower-income households. The lack of data on days on market (DOM) makes it challenging to assess the speed of property turnover, but the low income levels suggest a cautious approach to setting rents above the market rate to avoid vacancy issues.
Given the above figures, ZIP 50060 appears to be a steady-cashflow zone rather than a high-yield/low-stability market. The combination of reasonable rental premiums and a stable tenant base supports this classification. Landlords should focus on maintaining properties to attract tenants and ensure long-term occupancy, which is crucial for sustained cash flow.
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.