Location: Jasper County, IA | Metro: Jasper County, IA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $175,110 | 0.58% | F |
| 3BR | $1,360 | $263,836 | 0.52% | F |
| 4BR | $1,420 | $285,826 | 0.5% | F |
U.S. Census Bureau data (2024)
Kellogg, IA, located in ZIP code 50135, is a small town with a population of 1,754 residents. Approximately 25.8% of the residents are renters, indicating a modest demand for rental properties. The median household income in the area stands at $65,250, which suggests a middle-class community. The median home value is $225,553, reflecting the overall economic status of the neighborhood.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 50135 for fiscal year 2024 is set at $860. In comparison, the market rent as per Census ACS data is $870. This indicates that the rental rates for Section 8 vouchers are nearly equivalent to the actual market rates, making it a competitive environment for landlords.
Given these figures, ZIP 50135 is well-suited for a hands-off voucher operator. The slight difference between the FMR and market rent means that landlords can expect stable occupancy without significant loss in revenue compared to market-rate rentals. However, for a hands-on value-add buyer looking to improve property values, the area offers opportunities due to its middle-class demographic and reasonable median home value. Such an investor could potentially increase rents above the FMR while still remaining attractive to tenants, thereby enhancing the financial performance of their portfolio.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.