Location: Marion County, IA | Metro: Marion County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The ZIP code 50116 is located in a small-town setting typical of central Iowa, characterized by a tight-knit community and a modest population of 261 residents. The area has a relatively low percentage of renters at 11.8%, suggesting a predominantly owner-occupied environment. With a median household income of $47,143, it reflects the economic profile common to many rural areas in the state, where incomes tend to be lower compared to urban centers. The median home value in the region stands at $184,638, indicating that while homes are not priced at luxury levels, they do represent a significant investment for local buyers.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $930. This figure contrasts slightly with the actual market rent, which according to the Census ACS, averages around $950. The proximity between these two numbers suggests a stable rental market where the government's housing assistance programs can effectively support tenants without significantly undercutting market rates.
In terms of investment strategy, ZIP 50116 presents a scenario where hands-off voucher operators might struggle due to the limited number of renters. However, for hands-on value-add buyers, there could be opportunities to renovate and manage properties, catering to both owner-occupiers and a smaller but discerning rental market. The modest income levels indicate a need for affordable housing solutions, making it a suitable location for those looking to invest in improving living standards through property management and enhancement.
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.