Location: Union County, IA | Metro: Union 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)
ZIP code 50842 is located in the town of Cromwell, Iowa. With a total population of 99, it's a small, tight-knit community where only 4.3% of residents are renters, indicating a predominantly owner-occupied market. The median household income stands at $59,583, reflecting a modest but stable economic environment.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 50842 is set at $920 for the fiscal year 2026. This figure represents the maximum amount a voucher holder can pay towards rent in the area. However, the actual market rent data is not readily available, suggesting limited activity or reporting in this category. The median home value is notably low at $108,900, which is below the national average, making it an affordable area for both homeowners and potential investors.
The question remains whether this place suits a hands-off voucher operator or requires a hands-on approach for value-add investments. Given the scarcity of rental data and the low percentage of renters, it's likely that a hands-off strategy might struggle due to the limited demand for rental properties. On the other hand, a hands-on investor could find opportunities to add value, especially if they can cater to the modest income levels of the area. The low median home value suggests there could be room for improvement and increased rents through property enhancements, making it more suitable for active management.
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.