Section 8 Fair Market Rent (FMR) for ZIP 50312 - 2027

Location: Des Moines-West Des Moines, IA | Metro: Des Moines-West Des Moines, IA HUD Metro FMR Area

Investment Score for ZIP 50312

Monthly Rent (2BR)

$1,260

Median Price (2BR)

$198,803

1% Rule

0.63%

Annual Yield

7.61%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,020
1 Bedroom	$1,060
2 Bedrooms	$1,260
3 Bedrooms	$1,720
4 Bedrooms	$1,760
5 Bedrooms	$2,042
6 Bedrooms	$2,287
7 Bedrooms	$2,470
8 Bedrooms	$2,594

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,060	$141,726	0.75%	D
2BR	$1,260	$198,803	0.63%	D
3BR	$1,720	$306,379	0.56%	F
4BR	$1,760	$486,339	0.36%	F
5BR	$2,042	$753,384	0.27%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

15,802

Median Household Income

$92,242

Housing Units

8,203

Renter Percentage

36.3%

Occupancy Rate

92.5%

Renter Occupied

2,753

The ZIP code 50312 in Des Moines, Iowa, represents a stable and growing rental market, offering opportunities for landlords and small-portfolio investors looking to capitalize on steady demand and reasonable competition.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 50312 for fiscal year 2024 is set at $1030.
The market rent, as measured by Zillow's ZORI (Zestimate of Rent Index), is currently at $1,175, indicating that properties in this area are commanding slightly above the government-set fair market rates.
The median home value in ZIP 50312 is $291,650, providing a solid base for property investments with potential for appreciation.
Renters make up 36.3% of the housing stock, suggesting a robust rental market with ongoing demand for affordable housing options.
The days on market (DOM) for rentals is 47 days, which is relatively low, showing that listings are typically occupied quickly once they become available.
The median household income in the area is $92,242, reflecting a middle-class demographic capable of supporting moderate rental prices without straining their budgets.

Investors in ZIP 50312 can expect a favorable rental environment with modest competition and strong tenant demand. The slight premium over FMR suggests that there is room to charge above the baseline rates, while the low DOM indicates that properties will not remain vacant for long periods. With a median income that supports current rental prices, the risk of vacancy due to affordability issues is minimal. Overall, this ZIP code offers a reliable investment opportunity for those interested in the Des Moines rental market.

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.