Location: Sioux County, IA | Metro: Plymouth County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 51003 in fiscal year 2026 is set at $920. This figure represents the payment standard for Section 8 housing vouchers in the metro area, which means that if you participate in the Section 8 program, you will receive this amount per month from the government for each voucher tenant. It's important to note that this is not the rent you can charge your tenants; it's the maximum reimbursement rate for eligible units.
In comparison, the average rent in ZIP 51003, based on Census American Community Survey data, is $813. This indicates that the FMR is slightly higher than the typical market rent, potentially making Section 8 properties more financially viable for landlords.
The 12.9% share of renters in the area suggests a moderate demand for rental housing. However, given the economic conditions and the availability of Section 8 vouchers, there could be a steady stream of tenants interested in affordable housing options. The median home value in the area is approximately $299,245, which reflects the general cost of acquiring property in ZIP 51003. For new landlords entering the Section 8 market, this price point should be considered when evaluating the potential return on investment.
Before committing to a Section 8 rental property, it is crucial to verify that the unit meets all the required housing quality standards. These standards ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these criteria can result in penalties and loss of income, so ensuring compliance is a key step in successfully managing a Section 8 rental.
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.