Location: Hardin County, IA | Metro: Ames, 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 | $880 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,450 | $209,556 | 0.69% | D |
| 4BR | $1,750 | $235,471 | 0.74% | D |
U.S. Census Bureau data (2024)
The ZIP code 50230, located within Hardin County, IA, presents a unique snapshot when compared against typical ZIP codes in the same county. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1030. This figure is notably higher than the market rent of $529, indicating that federally subsidized rental assistance in this area is more generous relative to the local market rates.
In terms of home values, ZIP 50230 stands at an average of $195,138. This is lower than what might be expected in a premium sub-market but aligns with being a mid-tier neighborhood. However, the renter share of 15.6% diverges from this trend. Typically, a higher renter share can signal a concentration of renters who may benefit from federal housing programs such as Section 8, which could make this ZIP code particularly attractive for landlords participating in such programs.
To contextualize further, we must consider how these metrics compare to the broader Hardin County, IA market. If the county-wide average market rent exceeds $529 and home values are significantly higher, then ZIP 50230 emerges as a value pocket where landlords can offer properties at relatively lower costs while still benefiting from higher subsidy rates. Conversely, if the county-wide averages are similar or lower, it suggests that 50230 is either a mid-tier neighborhood or potentially a slightly premium sub-market due to its higher FMR.
The combination of a below-average home value with a higher-than-average renter share points towards ZIP 50230 being a sweet spot for Section 8 participation. Landlords here can leverage the higher subsidy rates to attract tenants while maintaining competitive property values. This makes it a strategic location for small-portfolio investors looking to capitalize on federal housing assistance programs.
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.