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 ZIP code 50363 is located in Des Moines, IA, and it is categorized as a unique-single entity ZIP code, primarily serving Citigroup credit card operations. Due to its unique nature, detailed demographic data such as population size, percentage of renters, and median income is not available specifically for ZIP code 50363.
However, considering it falls within the broader Des Moines area, we can infer some trends. The median home value and median income for the broader region are essential for understanding the local economy. For instance, the median household income in Des Moines is around $52,000, while the median home value is approximately $160,000.
Moving onto the rent economics, the Fair Market Rent (FMR) for a two-bedroom apartment in ZIP code 50363 for fiscal year 2024 is set at $1070. This figure is crucial for landlords and small-portfolio investors interested in participating in the Section 8 program. While the exact market rent for ZIP code 50363 is not specified, it is important to note that the FMR is often used as a benchmark for affordable housing programs.
Given the nature of ZIP code 50363, it is more suited for hands-off voucher operators rather than hands-on value-add buyers. The lack of residential data suggests that the area is predominantly commercial or institutional, making it less attractive for those looking to renovate or manage residential properties actively. Instead, landlords who can offer units within the FMR guidelines may find success in providing stable, affordable housing through the Section 8 program.
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.