Location: Worth County, IA | Metro: Worth County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
U.S. Census Bureau data (2024)
The ZIP code 50440 presents a nuanced rental market landscape for both renters and landlords. The median income here stands at $76,429, which places significant constraints on households when it comes to affording the $638 market rate for rent as reported by the Census ACS. This suggests that while the market rate is relatively affordable compared to the median income, it still represents a substantial portion of monthly earnings.
In contrast, the voucher payment standard for Fair Market Rent (FMR) is set at $1,000 for the metro area in fiscal year 2026. This figure is notably higher than the market rate, indicating that voucher holders could potentially offer more stable and higher rental payments to landlords. However, the overall rental market in ZIP 50440 is modest, with only 25.3% of the 361 population being renters. This limited pool of potential tenants means that landlords must be strategic in their approach to maximize occupancy and profitability.
The affordability gap between the median income and the market rate rent implies that there is a segment of the population that might struggle to find suitable housing without assistance. For landlords, this means that properties that accept vouchers could attract a different demographic, possibly leading to a more consistent rental income stream. On the other hand, relying solely on cash-paying tenants could lead to higher vacancy rates if many households cannot meet the required rent.
Takeaway: Landlords in ZIP 50440 should consider the benefits of accepting vouchers. While the market rate is within reach for some households, the higher payment standard offered by vouchers ($1,000) can provide a more reliable source of income. Given the limited number of renters, accepting vouchers can help fill vacancies and ensure steady cash flow, making it a viable strategy in this competitive rental market.
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.