Section 8 Fair Market Rent (FMR) for ZIP 50846 - 2027

Location: Adair County, IA | Metro: Adair County, IA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$740
2 Bedrooms	$970
3 Bedrooms	$1,260
4 Bedrooms	$1,400
5 Bedrooms	$1,624
6 Bedrooms	$1,819
7 Bedrooms	$1,965
8 Bedrooms	$2,063

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,276

Median Household Income

$74,200

Housing Units

636

Renter Percentage

32.3%

Occupancy Rate

88.1%

Renter Occupied

181

The ZIP code 50846, located in the heart of central Iowa, offers a stable and growing rental market for landlords and small-portfolio investors. The area benefits from a mix of residential and agricultural economies, providing a steady demand for housing.

Fair Market Rent (FMR) for a two-bedroom apartment is $950, as reported by the metro forecast for fiscal year 2026, indicating a healthy upward trend in rental values.
The market rent for the area stands at $839 per month, based on recent Census ACS data, suggesting that current rents are slightly below the expected fair market levels.
The median home value in ZIP 50846 is $170,777, which is a significant factor in determining the affordability and desirability of the area for potential renters.
Renters make up 32.3% of the population, showing a substantial portion of residents who prefer or require rental properties over homeownership.
The median income in the area is $74,200, providing insight into the economic health and ability of residents to pay higher rents.
The days on market (DOM) for rental listings is N/A, indicating that either there's insufficient data or the rental market moves quickly, often before detailed tracking can be completed.

Investors looking to enter the market in ZIP 50846 should anticipate a favorable environment. With a median income supporting rent payments and a substantial renter share, there's a strong demand for rental properties. However, the current market rent is below the projected FMR, suggesting potential for rental increases in the near future. The median home value also indicates that the area is affordable, which could attract more renters. The absence of DOM data implies that rental units are likely to be occupied swiftly once listed, making this an attractive location for those interested in steady cash flow and property management in a growing market.

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.