Location: Union County, IA | Metro: Des Moines-West Des Moines, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The ZIP code 50155 is situated in a rural area of Iowa, characterized by a modest population size of 94 residents. With only 16.3% of the population renting their homes, it's evident that homeownership is the predominant living arrangement. The median household income stands at $33,125, indicating a community where financial resources are limited but stable. Notably, the median home value is not available, suggesting a lack of recent sales data or a very homogeneous housing stock that doesn't frequently change hands.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 50155 in fiscal year 2024 is set at $980. This figure represents the government's benchmark for determining the maximum rent that can be charged to tenants participating in the Section 8 Housing Choice Voucher program. In contrast, the market rent, according to the latest Census American Community Survey (ACS), is significantly lower at $794. This discrepancy suggests an opportunity for landlords who can offer properties at or near the FMR, catering to a segment of the market that may otherwise struggle to find affordable housing.
Given these economic parameters, ZIP 50155 would suit a hands-off Section 8 voucher operator. The low market rent indicates that there's a need for affordable housing, which aligns well with the Section 8 program's goals. For a landlord or small-portfolio investor, this ZIP code offers a stable tenant pool with government-backed rental payments, ensuring consistent cash flow without the complexities often associated with managing properties in higher-rent areas. However, it's also worth considering the potential for a hands-on value-add buyer who could improve property conditions to justify rents closer to the FMR, thereby capturing additional revenue while still providing affordable housing options.
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.