Location: Monroe County, IA | Metro: Marion County, IA
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 | $690 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,250 | $150,101 | 0.83% | C |
U.S. Census Bureau data (2024)
The ZIP code 50150 is not predominantly a renter-heavy area. With only 16.9% of the population renting, it indicates that homeownership is more prevalent in this region. This statistic suggests that the demand for Section 8 vouchers might be lower compared to areas with higher percentages of renters.
The median household income in ZIP 50150 is $63,516. When considering a market rent of $750, this represents approximately 15.1% of the median annual income. To calculate this, we take the monthly rent ($750) and multiply it by 12 months, then divide by the median annual income ($63,516), which gives us 15.1%. This percentage is relatively low, indicating that the average resident can afford this rent without significant financial strain.
Comparing the market rent to the Fair Market Rent (FMR) of $920 for fiscal year 2026, the $750 rent is below the FMR, suggesting that properties renting at this price point are more affordable than the average in the metro area. The FMR is set by the U.S. Department of Housing and Urban Development (HUD) to reflect the cost of housing in a particular area and is used to determine the maximum payment standards for Section 8 vouchers.
A landlord in ZIP 50150 should expect tenants who are likely to have some disposable income beyond rent due to the relatively low rent-to-income ratio. Tenants may also be more financially stable, given that they can afford the $750 rent while still having a significant portion of their income available for other expenses. However, the lower prevalence of renters means that finding tenants with Section 8 vouchers could be more challenging.
In summary, ZIP 50150 is more suited for landlords looking to attract tenants who can pay market rent without heavy reliance on Section 8 vouchers. The typical rent eats a modest 15.1% of the local income, making it an attractive option for those who prefer to minimize the risk associated with voucher administration.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.