Section 8 Fair Market Rent (FMR) for ZIP 50430 - 2027
Location: Wright County, IA | Metro: Hancock County, IA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $870 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,950 |
| 5 Bedrooms | $2,262 |
| 6 Bedrooms | $2,533 |
| 7 Bedrooms | $2,736 |
| 8 Bedrooms | $2,873 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$59,265
In evaluating whether to invest in ZIP code 50430 for Section 8 properties, follow these decision points:
- Does the Fair Market Rent (FMR) of $1,050 cover the debt service on a property valued at $121,763?
- Yes. The FMR of $1,050 is sufficient to cover typical debt service costs for a property of this value. Debt service, which includes principal and interest payments, is generally lower when the rental income meets or exceeds the FMR.
- Is the market rent of $631 above, at, or below the FMR?
- No. At $631, the market rent is below the FMR of $1,050. This suggests that the market rent is not competitive with what tenants could receive under the Section 8 program. Landlords might struggle to attract Section 8 tenants if their rents are significantly lower than the FMR.
- Are 22.0% of residents renters and is the N/A-day Days on Market (DOM) indicative of sufficient demand?
- It depends. With 22.0% of residents being renters, there is a moderate level of rental demand. However, the absence of data regarding DOM makes it challenging to assess the speed at which rental units are typically leased in this area. A higher DOM could indicate slower turnover and potentially lower occupancy rates, which would negatively impact investment returns.
Based on the analysis:
- If you can secure rents close to the FMR of $1,050, then the answer is Yes. The FMR adequately covers the debt service, and there is a reasonable demand for rentals.
- If the market rent remains at $631, the answer is No. The discrepancy between market rent and FMR could make it difficult to participate effectively in the Section 8 program.
- If you cannot obtain accurate DOM data, the answer is It depends. While the percentage of renters is moderate, the lack of DOM information introduces uncertainty about the leasing cycle and potential vacancy risks.
To proceed with confidence, consider adjusting your rental pricing closer to the FMR and seek additional local market insights to understand the leasing dynamics better.
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.