Location: Des Moines-West Des Moines, IA | Metro: Des Moines-West Des Moines, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,340 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,870 |
| 5 Bedrooms | $2,169 |
| 6 Bedrooms | $2,429 |
| 7 Bedrooms | $2,623 |
| 8 Bedrooms | $2,754 |
The market in ZIP code 50305, located in Iowa, is characterized by a Federal Market Rent (FMR) of $1070 for the fiscal year 2024. This figure serves as a benchmark for assessing the affordability and rental rates within the area, particularly for those involved in the Section 8 housing program.
Absent data on market rent and days on market (DOM) suggests that the local rental market may be less active or that comprehensive market data has not been collected. The lack of a median home value indicates that the focus here is primarily on the rental sector rather than homeownership, which could imply a higher concentration of renters.
The percentage of price-cut share being not available (N/A) suggests that landlords and property owners are maintaining their rental prices without significant reductions, indicating a stable market condition. However, the absence of specific percentages for the renter share also means we cannot definitively conclude the long-term housing pressures. Generally, a higher renter share can signal sustained housing pressure due to limited affordable homeownership options or economic factors that favor renting over buying.
In the context of supply versus demand, the incomplete data points make it challenging to determine if supply outpaces demand or vice versa. However, the presence of an FMR and the absence of other critical metrics suggest that while there is some government interest in the rental market through programs like Section 8, broader market indicators such as competitive pricing and quick turnover of properties may not be as pronounced.
This snapshot of ZIP 50305 paints a picture of a market where the rental sector is a significant component, supported by federal guidelines but lacking in detailed market dynamics. It highlights the importance of federal subsidies in setting a baseline for affordability and stability in the rental market.
Data Sources: FMR data from HUD (2027).
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.