Location: Hamilton County, IA | Metro: Hamilton County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,200 |
| 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 50132 presents a unique opportunity for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 427, it's important to note that 27.0% of these residents are renters, indicating a modest but present demand for rental properties. The median household income in this area stands at $83,056, which provides a baseline for understanding the economic context.
In terms of market rent, the average is $443, a figure that is significantly lower than the Fair Market Rent (FMR) of $1,010 for the fiscal year 2026 in the metro area. This disparity suggests that the typical rent consumes a relatively small portion of the local income, approximately 5.3% when calculated against the median household income. However, this percentage can vary depending on the number of individuals in a household and their total income.
Given the FMR is notably higher than the current market rent, it indicates that there is potential for rental properties to attract Section 8 tenants who have vouchers that could cover a larger portion of the rent. This makes the ZIP code an attractive location for those willing to participate in the Section 8 program, as the gap between market rent and FMR leaves room for higher subsidies compared to areas where market rents approach or exceed FMR levels.
A landlord in ZIP 50132 can expect to encounter tenants who are likely to be reliant on housing vouchers due to the relatively low market rent. These tenants will be subject to rigorous background checks and must meet eligibility criteria based on income and other factors. While the ZIP code is not dominated by homeowners, the relatively high median income suggests that many eligible for Section 8 assistance might still find it challenging to secure housing without the aid of vouchers.
To conclude, while the tenant pool in ZIP 50132 is not overwhelmingly renter-heavy, the combination of a lower market rent and a higher FMR creates a favorable environment for landlords looking to engage with Section 8 tenants. The expected tenants will require thorough documentation and will be seeking affordable housing options, making properties priced at or below the $443 market rent highly desirable.
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.