Location: Plymouth County, IA | Metro: Plymouth County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,460 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
ZIP code 51008, located in the Plymouth County, IA metro area, can serve as a diversifier within a Section 8 portfolio strategy. The renter share here stands at 26.3%, indicating a significant portion of the population relies on rental housing. This characteristic aligns well with the objectives of diversifying a real estate investment portfolio.
The median income in ZIP 51008 is $45,000, which suggests that there is a substantial need for affordable housing options. Landlords and small-portfolio investors should be aware of the Fair Market Rent (FMR) for the metro area in fiscal year 2026, which is set at $1,010. This figure is notably lower than the market rate of $1,417, creating a spread of $407 per unit. While this spread indicates a potential cash flow challenge, it does not make ZIP 51008 a cash-flow anchor due to the lack of data on price-cut shares and days on market (DOM).
The absence of appreciation indicators such as price-cut share and DOM percentage means that ZIP 51008 cannot be reliably classified as an appreciation play. However, the high renter share and median income data point to the area's suitability as a diversifier. By including properties in ZIP 51008, investors can balance their portfolios with a mix of tenants who are likely to benefit from Section 8 assistance, thereby reducing risk associated with vacancy rates and default risks.
To summarize, ZIP 51008 is best suited as a diversifier in a Section 8 portfolio strategy. With a 26.3% renter share and a median income of $45,000, it offers opportunities to stabilize a portfolio by attracting tenants who qualify for Section 8 benefits, despite the lower FMR compared to the market rate.
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.