Location: Franklin County, IA | Metro: Franklin County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 50431 stands out due to its unique demographic composition and economic factors that influence rental markets and housing assistance programs. With only 228 residents, this ZIP code represents a small community where 26.2% of the population rents their homes. The median income for these residents is $62,917, indicating a middle-class area. However, the lack of data on median home value suggests either a transient nature of the community or an underdeveloped housing market.
In terms of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. This figure is notably higher than the current market rent of $693, as reported by the Census Bureau's American Community Survey. This discrepancy means that landlords participating in the Section 8 program can potentially receive higher rent payments compared to the local market rate, making it a financially attractive option for property owners in this ZIP code.
The data signature for ZIP 50431 reads as transitional rather than stable. The small resident base combined with the significant difference between FMR and market rent indicates that the area might be undergoing changes, possibly due to urban development, migration patterns, or shifts in local employment opportunities. Landlords should consider these dynamics when evaluating long-term investment potential in this ZIP code.
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.