Location: Jasper 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 | $900 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,530 | $246,705 | 0.62% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 50232 in fiscal year 2024 is set at $1020. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the rent you will receive; it's the benchmark used by the Housing Choice Voucher program to ensure rents are reasonable.
In comparison, the average rent in ZIP 50232, based on Census American Community Survey (ACS) data, is $985. This indicates that the FMR is slightly higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program.
About 29.9% of residents in this ZIP code are renters, suggesting a steady demand for rental properties. This percentage implies that nearly three out of every ten households are looking for places to rent, which is a significant portion of the population. Landlords can leverage this high renter share to ensure a stable occupancy rate.
The median home value in ZIP 50232 is approximately $238,877. This figure helps potential investors understand the acquisition cost of a property in this area. If you're planning to purchase a property for Section 8, expect to pay around this amount. However, remember that the income generated from a Section 8 rental will be capped at the FMR, so your investment should align with these payment standards.
Before proceeding with a Section 8 rental in ZIP 50232, one critical factor to verify is the condition of the property. The Housing Quality Standards (HQS) require that all units meet certain maintenance and safety criteria. Ensure your property meets these standards to avoid delays in securing a tenant and to maintain compliance with the program.
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.