Location: Wright County, IA | Metro: Franklin County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
16.8% of the population in ZIP 50470 are renters, indicating a significant but not overwhelming demand for rental properties. Given the $920 Fair Market Rent (FMR) established for the metro area in fiscal year 2026, landlords can expect to set their rental rates competitively within this range to attract tenants. The median income of $72,542 suggests that residents have the financial stability to afford rents close to the FMR without strain. However, the lack of specific data on market rent and days on market (DOM) makes it challenging to assess the local rental market's competitiveness and vacancy rates. Similarly, the absence of information regarding the percentage of homes needing price reductions further limits insights into the broader housing market dynamics. With a median home value of $87,879, the area presents an opportunity for both rental and purchase investments at relatively low entry points compared to many other regions. Landlords and small-portfolio investors should focus on properties that offer good value and are well-maintained to appeal to the local renter base. The $920 FMR provides a clear guideline for setting rents that align with the financial capabilities of the area's residents. Given these factors, the Section 8 program represents a viable option for stabilizing cash flows and ensuring consistent occupancy. The verdict on Section 8 participation in ZIP 50470 is positive, as it supports affordable housing while offering steady returns to investors.
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.