Location: Union County, IA | Metro: Adair County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,220 |
| 5 Bedrooms | $1,415 |
| 6 Bedrooms | $1,585 |
| 7 Bedrooms | $1,712 |
| 8 Bedrooms | $1,798 |
U.S. Census Bureau data (2024)
The ZIP code 50801, located in Creston, Iowa, stands out within Union County due to its unique data profile. With a population of 9,034 residents, it has a relatively high rental rate at 31.2%, which contrasts with the lower median income of $58,015. The median home value in the area is $151,529, reflecting a modest housing market.
Moving to the specifics of Section 8 economics, the Fair Market Rent (FMR) for ZIP 50801 is set at $920 for the fiscal year 2026. This is notably higher than the current market rent of $716, as reported by the Census Bureau's American Community Survey (ACS). Landlords participating in the Section 8 program can expect to receive a higher rent payment per unit compared to the local market average, which could be a significant factor in attracting tenants who qualify for assistance.
The data suggests that ZIP 50801 is in a stable state. The disparity between the FMR and the actual market rent indicates a potential opportunity for landlords to benefit from the Section 8 program while providing affordable housing options to residents. Given the modest median home value and the substantial portion of renters, it is evident that there is a demand for affordable housing solutions in the area. The consistent gap between FMR and market rates signals a reliable economic environment for landlords and small-portfolio investors considering participation in the Section 8 program.
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.