Location: Decatur County, IA | Metro: Clarke County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The market in ZIP code 50108 is characterized by a significant disparity between the Fair Market Rent (FMR) and the actual market rent, indicating a dynamic environment where demand and supply factors are at play. With an FMR of $1,110, set for the fiscal year 2026, and a market rent of $614 based on recent Census ACS data, it's evident that the rental market is currently underpriced relative to what the federal government deems fair. This suggests that demand might be lagging behind supply, as rents have not reached the FMR levels.
The median home value in the area stands at $198,151. While this figure provides insight into the overall housing costs, the lack of data on price-cut shares and days on market (DOM) means we cannot definitively conclude whether there is an excess of supply over demand or vice versa. However, the lower-than-FMR rental rates could imply that landlords are competing for tenants, possibly due to a higher number of available units than renters willing to pay premium prices.
A 30.4% renter share in the population points towards ongoing housing pressure, particularly for those who might struggle to afford homeownership. This percentage indicates a substantial portion of the community relies on rental properties, which can create a persistent demand for affordable housing options. Over the long term, this trend supports the idea that rental markets will continue to be active, even if they remain underpriced compared to FMRs.
In summary, the ZIP 50108 market presents a scenario where rental prices are below federal guidelines, suggesting a competitive landscape for landlords. The significant renter share implies continuous pressure for affordable housing, ensuring that rental demand remains robust despite the current pricing dynamics. For landlords and small-portfolio investors, understanding these dynamics is crucial for making informed decisions about property investments and management strategies in this area.
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.