Location: Union County, IA | Metro: Ringgold County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,150 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The Federal Housing Administration (FHA) Fair Market Rent (FMR) for ZIP code 50861 in the metro area for fiscal year 2026 is set at $1,120. This figure represents the payment standard that landlords will receive from the government under the Section 8 program, not the amount tenants will pay in rent. Landlords should understand that this is a reimbursement rate for housing assistance.
In comparison, the average rent in ZIP 50861 based on Census American Community Survey (ACS) data is $950. This means that the Section 8 payment standard is higher than the local market average, which can be beneficial for landlords looking to cover their costs and potentially earn a bit more.
The renter share in this ZIP code is 24.2%, indicating a significant portion of the population rents their homes. This suggests a steady demand for rental properties, including those that might participate in the Section 8 program.
Note that the acquisition cost is listed as N/A. This typically means there isn't specific data available regarding the purchase price of properties in this ZIP code. However, it's important to consider other factors such as property maintenance and management when deciding if a Section 8 rental is right for you.
Before committing to a Section 8 rental property, verify that the unit meets all Housing Quality Standards (HQS) required by the program. These standards ensure that the property is safe and livable, and failure to meet them can result in reduced payments or even termination from the program.
By participating in Section 8, landlords can benefit from a guaranteed income stream and a stable tenant base, given the demand for rental properties in ZIP 50861. The reimbursement rate of $1,120 is above the local average of $950, making it a financially viable option for those interested in offering affordable 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.