Location: Wayne County, IA | Metro: Lucas County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
1,030 is the Fair Market Rent (FMR) for ZIP 50068 as of metro FY 2026, indicating the maximum rental amount allowed for housing assistance under the Section 8 program. 225,542 represents the median home value in this area, which is significantly lower than what might be expected given the high FMR, suggesting a potential mismatch between rental costs and property values. 1.1% is the proportion of renters in the area, reflecting a predominantly owner-occupied community. This low renter share could imply limited demand for rentals, but the high FMR suggests that those seeking rentals through Section 8 may find it worthwhile. 36,500 is the median income in ZIP 50068, which is a critical figure for determining eligibility for Section 8 benefits. The lack of data on days on market (DOM) and the percentage of homes with price cuts indicates stability in the local real estate market, with few properties changing hands or experiencing price reductions.
The absence of market rent data means that landlords should rely heavily on the FMR when setting their rental rates for Section 8 tenants. Given the median home value and the relatively high FMR, landlords can expect to receive a subsidy that covers a significant portion of the rental cost, making it a viable option even in a stable market with limited rental activity. The low renter share also implies that landlords may need to actively seek out tenants who qualify for Section 8, as the pool of potential applicants may be smaller compared to more densely populated areas.
In conclusion, despite the limited rental market, the favorable FMR and median income levels make ZIP 50068 a suitable location for landlords and small-portfolio investors interested in participating in the Section 8 program. The stability of the market, as indicated by the lack of DOM and price-cut share data, supports long-term investment strategies. However, landlords must be prepared to manage a potentially smaller tenant pool and adhere to the guidelines set by the program.
Section 8 verdict: Suitable for participation with careful management of expectations regarding tenant availability.
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.