Location: Tama County, IA | Metro: Waterloo-Cedar Falls, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The ZIP code 50612 has a population of 369, with only 2.2% of residents being renters. This indicates that it is predominantly a homeowner-dominated area rather than a renter-heavy ZIP. The scarcity of renters suggests that the demand for Section 8 vouchers is likely to be lower compared to areas with higher percentages of rental households.
The median household income in this ZIP is $99,612, which is relatively high. However, there is no specific data on market rent available for this ZIP, so we cannot directly calculate what percentage of local income goes towards typical rent. To provide context, we can compare the median income to the Fair Market Rent (FMR) set at $970 for fiscal year 2024. Assuming a household spends about 30% of their income on housing, as recommended by many financial advisors, the median income would support a monthly rent of approximately $2,490. This is significantly higher than the FMR, indicating that the local rental market could potentially sustain higher rents relative to the federal guidelines.
A landlord in ZIP 50612 should expect tenants who are likely to have a moderate to high level of income, given the overall median household income. These tenants would be financially capable of paying market rates above the FMR. However, due to the low percentage of renters, the competition for tenants using Section 8 vouchers might be intense, and landlords may need to consider the administrative complexities and potential wait times associated with these vouchers.
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.