Location: Greene County, IA | Metro: Boone County, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The ZIP code 50064 is located in a suburban neighborhood in Iowa. This area is characterized by a relatively small population of 100 residents, with 42.2% of them being renters. The median income in this ZIP code is $96,635, indicating a middle-class community where many residents can afford to pay market rent.
The median home value is not available, which could suggest a limited housing stock or a mix of property types that do not easily lend themselves to valuation comparisons. However, the Federal Market Rent (FMR) for the fiscal year 2024 is set at $900, while the actual market rent based on Census ACS data is $634. This discrepancy between the FMR and the market rent presents an opportunity for landlords and small-portfolio investors.
For hands-off voucher operators, ZIP 50064 is a suitable location given the higher FMR compared to the market rent. Investors can expect a guaranteed income stream through Section 8 vouchers without the need for extensive property management. The low population density also means less competition for tenants, ensuring a steady flow of applications for subsidized housing.
On the other hand, for hands-on value-add buyers, the potential for increasing rents above the market rate is limited due to the already low market rent. However, there is room to improve property values and rental rates by enhancing the quality of the properties. Given the middle-class income level, residents are likely willing to pay slightly higher rents for better amenities and maintenance.
In conclusion, ZIP 50064 offers a balanced environment for both hands-off and hands-on investors. Voucher operators can benefit from the difference between FMR and market rent, while value-add buyers have the opportunity to improve their investment returns through property improvements and strategic management.
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.