Section 8 Fair Market Rent (FMR) for ZIP 50237 - 2027
Location: Marion County, IA | Metro: Jasper County, IA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $750 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$101,806
Housing Authorities Serving ZIP 50237
The ZIP code 50237, located in Runnells, Iowa, offers a stable real estate market that is attractive to both landlords and small-portfolio investors. This rural area is characterized by its modest rental prices and relatively high median home values, providing a balanced environment for property investment.
- Fair Market Rent (FMR): The FMR for ZIP 50237 in fiscal year 2024 is set at $970. This figure represents the maximum amount that can be charged for a two-bedroom apartment under the Section 8 program, ensuring that landlords receive a fair return on their investment while maintaining affordability for tenants.
- Market Rent: According to Census ACS data, the average market rent in the area is $760, which is significantly below the FMR. This suggests that there is room for landlords to potentially increase rents without pricing out tenants, particularly those who qualify for Section 8 assistance.
- Median Home Value: The median home value in ZIP 50237 is $421,436. This indicates a moderate level of property appreciation and stability, suitable for long-term investments in single-family homes or other residential properties.
- Renter Share: Only 8.8% of the population are renters, implying a smaller pool of potential Section 8 tenants. However, the low renter share also means less competition among landlords for rental units, allowing for greater control over occupancy rates.
- Days on Market (DOM): The data does not provide specific days on market information, which could be due to limited real estate transactions in the area. A lack of DOM data might indicate that listings are sold quickly or that the real estate market is relatively inactive, which can be either positive or negative depending on the investment strategy.
- Median Income: The median household income in ZIP 50237 is $101,806. This relatively high income level supports the ability of residents to afford higher rents or mortgage payments, making the area attractive for investments in higher-end rental properties or owner-occupied homes.
Investors looking to enter the Runnells, IA market should consider the balance between modest rental prices and moderate home values. The lower-than-FMR market rent provides an opportunity for price increases, especially for Section 8 units. Despite the low renter share, the strong median income suggests financial stability among residents, which can support a robust rental market. The absence of specific DOM data warrants further investigation but may indicate a quick sale market, beneficial for flipping properties or selling them rapidly. Overall, ZIP 50237 presents a conservative yet promising real estate investment opportunity.
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.