Location: Bremer County, IA | Metro: Waterloo-Cedar Falls, IA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,150 | $210,602 | 0.55% | F |
| 3BR | $1,470 | $319,135 | 0.46% | F |
| 4BR | $1,710 | $364,645 | 0.47% | F |
U.S. Census Bureau data (2024)
ZIP code 50647, located in Janesville, Iowa, stands out within Bremer County due to its unique demographic and economic characteristics. With a population of 1,978 residents, only 5.3% of whom rent their homes, it is predominantly an owner-occupied area. The median income here is $104,063, indicating a relatively affluent community. The median home value of $305,022 further underscores the financial stability of the homeowners in this ZIP.
The rental market in Janesville is influenced significantly by the Federal Housing Administration's Fair Market Rent (FMR) rates. For fiscal year 2024, the FMR for ZIP 50647 is set at $860 per month. This contrasts sharply with the actual market rate, which is reported at $618 per month according to the latest Census American Community Survey data. This discrepancy presents a unique opportunity for landlords and small-portfolio investors, as they can potentially receive higher rents through Section 8 vouchers compared to the local market rates.
Based on the data signature of ZIP 50647, the area appears to be stable. A low percentage of renters and high median income suggest that the community is economically secure, with a strong preference for homeownership. However, the presence of Section 8 vouchers offers a consistent revenue stream for those willing to participate in the program, making it a viable option for landlords looking to diversify their tenant base or maintain occupancy in a challenging rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.