Location: Butler County, IA | Metro: Bremer County, 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 | $770 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,100 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $840 | $135,628 | 0.62% | D |
| 2BR | $1,100 | $197,876 | 0.56% | F |
| 3BR | $1,440 | $261,222 | 0.55% | F |
| 4BR | $1,450 | $351,675 | 0.41% | F |
| 5BR | $1,682 | $461,894 | 0.36% | F |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $960 for zip code 50677 (Waverly, IA) in fiscal year 2024, landlords can expect to align their rental pricing with government standards to attract tenants participating in the Section 8 program. The Census ACS data reveals that the market rent stands at $999, indicating a slight premium over the FMR but still within a reasonable range for subsidized housing. Given the median home value of $271,724, it's clear that Waverly offers affordable opportunities for both homeownership and rental investments. The renter share of 28.5% suggests a moderate demand for rental properties, balancing well with the homeownership rate. Landlords should also note the median income of $85,633, which provides insight into the financial capacity of potential tenants. While the days on market (DOM) data is unavailable, the price-cut share of 0.2% indicates that property values remain stable and there is little need for significant price adjustments. This stability, combined with the competitive yet attainable rental rates, makes Waverly an attractive location for small-portfolio investors looking to diversify their holdings. For those specifically interested in Section 8 participation, the alignment between the FMR and market rent ensures a steady stream of qualified applicants without the risk of prolonged vacancy periods. In conclusion, Waverly, IA, presents a viable opportunity for Section 8 landlords due to its balanced market conditions and stable property values.
Section 8 Verdict: Favorable
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.