Location: Sioux City, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 51015 within the Sioux City, IA-NE-SD MSA metro area reveals several key points for landlords and small-portfolio investors.
The rent math does not work favorably here. The Fair Market Rent (FMR) for ZIP 51015 in fiscal year 2024 is set at $1000, but the market rent is listed as N/A, indicating that it's either below the FMR or not significantly higher. This means that landlords relying solely on Section 8 vouchers might struggle to cover costs if the actual market rent is lower than the FMR.
Regarding property acquisition, affordability is unclear due to missing data. The median home value is listed as N/A, as well as the days on market (DOM) and the percentage of homes needing a price cut. Without these figures, it's challenging to assess the cost and competition involved in purchasing properties in this area.
Tenant demand is low. With a population of 45 and a 0.0% renter share, there is a minimal pool of potential tenants. This suggests that finding eligible Section 8 tenants could be difficult, and the overall demand for rental properties is likely to be weak.
Verdict: ZIP 51015 presents a challenging investment scenario for landlords and small-portfolio investors. The mismatch between the FMR and the unknown market rent makes it difficult to achieve positive cash flow. Additionally, the lack of comprehensive data on median home values and days on market hinders the assessment of acquisition costs and market conditions. Most critically, the extremely low tenant demand due to the minuscule population and zero percent renter share indicate that securing long-term, stable tenancy will be problematic. These factors collectively suggest that investing in this ZIP code is not advisable unless other compensating factors, such as unique property opportunities or community development plans, are present.
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.