Location: Marshall County, IA | Metro: Ames, IA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 50239 in fiscal year 2024 is set at $1030. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 Housing Choice Voucher program. It does not mean that tenants will pay $1030; instead, it is the maximum amount that HUD will reimburse landlords for renting a unit under the program.
In ZIP 50239, the local median gross rent is currently listed as N/A, which makes direct comparisons challenging. However, we can infer that if the local median rent is below $1030, landlords participating in the Section 8 program could potentially receive higher payments than the average market rate. Conversely, if the local median rent exceeds $1030, landlords might consider adjusting their pricing strategy to remain competitive while still participating in the program.
The 6.7% renter share indicates that approximately 6.7% of the population in ZIP 50239 is likely to be interested in rental properties, including those who might seek assistance through the Section 8 program. This suggests a moderate level of demand for affordable housing options in the area. The median home value in the area is also listed as N/A, which can make it difficult to gauge the overall housing market dynamics. However, it's important to note that the FMR is a key factor in determining the potential income from a Section 8 rental.
Before deciding to enter the Section 8 market, landlords should verify that their property meets all the required standards for eligibility. These standards include the physical condition of the property and compliance with health and safety codes. Ensuring these conditions are met will help avoid delays in securing a tenant and will also prevent any potential legal issues down the line.
In summary, the $1030 FMR for ZIP 50239 offers a clear benchmark for landlords participating in the Section 8 program. With a 6.7% renter share, there is a reasonable demand for affordable rentals in the area. Landlords should confirm that their property complies with all necessary requirements to maximize their chances of success in this program.
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.