Location: Cass County, IA | Metro: Cass County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
U.S. Census Bureau data (2024)
The market in ZIP code 50274 presents a dynamic environment characterized by specific economic indicators that frame its current state. The Fair Market Rent (FMR) for the area is set at $930 for fiscal year 2026, indicating the government's benchmark for rental affordability. Meanwhile, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $1,125, suggesting that landlords can command a premium over the FMR.
The median home value of $205,210 reflects the general affordability of homeownership in the region, but it's the rental market that reveals deeper insights into housing pressures. With a renter share of 18.9%, it's clear that a significant portion of the population opts for renting rather than owning homes. This percentage indicates a moderate level of long-term housing pressure, as a higher proportion of renters often signals difficulty in transitioning to homeownership due to various factors including financial constraints, life circumstances, or preference.
The absence of data on price-cut share and days on market (DOM) prevents a detailed analysis of how aggressively landlords are competing for tenants or how quickly properties are being leased. However, the gap between FMR and market rent suggests that the demand for rental properties might be slightly higher than the supply, allowing landlords to maintain rents above the government's affordability benchmark without having to significantly lower prices to attract tenants.
In summary, ZIP 50274 appears to be a balanced market with a slight lean towards demand slightly outpacing supply, particularly in the rental sector. The relatively high market rent compared to the FMR, combined with a moderate renter share, points to an environment where landlords can maintain competitive pricing without excessive vacancy periods, indicative of steady tenant interest. This stability offers a promising outlook for landlords and small-portfolio investors looking to capitalize on the existing market dynamics.
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.