Location: Marion 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 | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $197,056 | 0.47% | F |
| 3BR | $1,230 | $260,935 | 0.47% | F |
| 4BR | $1,300 | $316,116 | 0.41% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 50170, which encompasses Monroe, IA, and the surrounding Marion County metro area, reveals several key points regarding its viability for Section 8 landlords and small-portfolio investors.
The rent math does work favorably. The Fair Market Rent (FMR) for ZIP 50170 in fiscal year 2024 is set at $860. This figure is slightly above the current market rent of $814, according to Census ACS data. Landlords can expect a modest premium when participating in the Section 8 program, making it financially advantageous compared to market rates.
Regarding property acquisition, the median home value in ZIP 50170 is $255,408. Unfortunately, the data on days on market (DOM) and the percentage of homes needing price cuts is not available, which makes it challenging to assess the speed and ease of acquiring properties. However, the median home value suggests that purchasing a home here would be a significant investment but could also provide substantial returns given the favorable rent math.
Tenant demand in ZIP 50170 is moderate. With a total population of 3,024, approximately 18.7% of residents are renters. This indicates that while there is a steady pool of potential tenants, the market size is limited due to the relatively small population. Landlords should expect a competitive environment for attracting Section 8 tenants.
Verdict: ZIP 50170 offers a favorable opportunity for Section 8 landlords and small-portfolio investors due to the positive rent math, with FMRs exceeding market rents. Despite the median home value being relatively high, the potential for rental income justifies the investment. Tenant demand is present but limited, necessitating strategic marketing efforts to attract the 18.7% of renters in the area. Overall, the combination of favorable rent premiums and existing tenant demand makes this ZIP code a viable option for those willing to invest in a smaller market.
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.