Location: Marshall County, IA | Metro: Jasper County, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 50141 presents an interesting landscape for both renters and landlords. With a median income of $77,500, households might struggle to meet the market rate rental cost of $666 per month based on Census American Community Survey (ACS) data. This suggests that while some residents can afford market rates, there is a significant portion who cannot.
The Federal Market Rent (FMR) standard for voucher payments in ZIP 50141 for fiscal year 2024 is set at $910. This figure is notably higher than the market rate, indicating that voucher holders have more purchasing power in this area. The disparity between the market rate and the FMR highlights a potential affordability gap for non-voucher tenants, which could affect competition among landlords.
Given that only 11.7% of the 587 population are renters, the rental market is relatively small. This limited pool of potential tenants means landlords must be strategic in their approach to attract and retain renters. Landlords should consider the benefits of accepting vouchers given the higher FMR compared to the market rate, which could help fill vacancies faster and more reliably.
The takeaway for landlords is clear: accepting vouchers can be a competitive advantage in ZIP 50141. While cash-paying tenants may be available, they represent a smaller segment of the population and face higher costs relative to their income. Vouchers provide a steady stream of income and can ensure that units remain occupied, reducing the risk of vacancy in a market where competition is already tight due to the low number of renters.
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.