Location: Wright County, IA | Metro: Hancock County, IA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $104,993 | 0.91% | C |
| 3BR | $1,140 | $150,419 | 0.76% | D |
| 4BR | $1,390 | $183,400 | 0.76% | D |
| 5BR | $1,612 | $213,536 | 0.75% | D |
U.S. Census Bureau data (2024)
The ZIP code 50421, located in Belmond, Iowa, stands out due to its unique demographic profile within Wright County. With a total population of 3,168 residents, it has a relatively low rental rate of 17.2%, indicating that most residents own their homes. The median household income in this area is $64,438, which is slightly above the national average. The median home value is $145,512, suggesting that homeownership is accessible to many residents.
When considering the Section 8 voucher program, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $940. This figure is notably higher than the current market rent of $818, based on Census ACS data. This discrepancy means that landlords accepting Section 8 vouchers can potentially receive higher rents compared to the local market rates, making it an attractive option for those looking to maximize their rental income without facing the challenges of finding tenants who can pay above-market rates.
The data signature for ZIP 50421 indicates a stable environment. The modest rental market combined with a reasonable median income suggests that the community is financially secure and not experiencing significant transitions. The accessibility of homeownership, as reflected in the median home value, also points towards stability. However, the slight increase in FMR over market rent could signal a minor upward trend in rental costs, which might be indicative of gradual growth in the local economy.
In conclusion, for landlords and small-portfolio investors, ZIP 50421 presents a stable investment opportunity with the added benefit of potentially higher rental income through the Section 8 voucher program. The current economic conditions support a consistent and predictable rental market, making it a reliable choice for long-term investments.
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.