Section 8 Fair Market Rent (FMR) for ZIP 50136 - 2027

Location: Keokuk County, IA | Metro: Iowa County, IA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$930
2 Bedrooms	$1,120
3 Bedrooms	$1,400
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

376

Median Household Income

$75,625

Housing Units

173

Renter Percentage

11.0%

Occupancy Rate

83.8%

Renter Occupied

The ZIP code 50136, located in the heart of Ames, Iowa, offers a stable and growing rental market for real estate investors. This suburban area benefits from a mix of residential neighborhoods and proximity to educational institutions, making it attractive to both families and students.

The Fair Market Rent (FMR) for a two-bedroom apartment in the Ames metropolitan area for fiscal year 2026 is set at $1,070, providing a benchmark for rental pricing in the region.
The average market rent for a similar unit, according to the Census Bureau's American Community Survey, is slightly above the FMR at $1,083. This indicates that the local rental market is competitive and slightly exceeds government estimates.
The median home value in ZIP 50136 stands at $135,531, offering affordable entry points for investors looking to acquire properties at reasonable prices.
Renters make up 11.0% of the housing market in this ZIP code, suggesting a moderate demand for rental units without the high competition seen in densely populated urban areas.
The median income in the area is $75,625, which supports the ability of tenants to pay rents that align with the FMR and market rates.

For investors, the data suggests a balanced market with opportunities for steady returns. The close alignment between FMR and market rent points to a well-functioning local economy where rental prices reflect fair market values. With an affordable median home value, there are numerous entry points for acquiring rental properties. The moderate renter share indicates a healthy balance between homeowners and renters, reducing the risk of oversaturation in the rental market. The median income level supports tenant affordability, ensuring a stable cash flow for landlords. Overall, ZIP 50136 presents a promising investment opportunity for those interested in real estate in Ames, Iowa.

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.