Location: Delaware County, IA | Metro: Buchanan County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
U.S. Census Bureau data (2024)
The ZIP code 50654 stands out with a unique set of characteristics that make it an interesting area for real estate analysis, particularly for those involved in Section 8 housing. With only 275 residents, it has a relatively low population density. However, 24.1% of these residents are renters, indicating a notable demand for rental properties. The median income in this ZIP is $53,264, which is below the national average but still supports a modest living standard. The median home value is $290,382, reflecting a middle-tier property market.
When examining the voucher economics, the Federal Market Rent (FMR) for fiscal year 2026 is set at $1,010 for metro areas, whereas the Census ACS indicates a market rent of $1,639. This discrepancy suggests that landlords accepting Section 8 vouchers in ZIP 50654 can expect to receive a lower rent compared to the market rate. However, the difference also implies that there might be a niche opportunity for landlords who can offer affordable units close to the FMR without sacrificing too much on profitability.
Given the data signature, ZIP 50654 appears to be in a stable phase. Its low population and modest income levels suggest a community that has not seen significant recent growth or change. The relatively high percentage of renters and the gap between FMR and market rent indicate a potential equilibrium where Section 8 vouchers play a role in maintaining affordable housing options without overwhelming the local market. For small-portfolio investors and landlords, this ZIP offers a predictable environment with opportunities to serve a segment of the population reliant on government assistance for housing.
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.