Location: Ida County, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The ZIP code 51018 is characterized by a modest population size of 542 individuals. Only 14.9% of the residents are renters, indicating that this area is primarily dominated by homeowners rather than renters. This suggests that the demand for rental properties using Section 8 vouchers is relatively low compared to areas with higher percentages of renters.
The median household income in ZIP 51018 stands at $60,833, which provides a benchmark for assessing the affordability of housing. The market rent for the area is $811 per month. To contextualize this, we can calculate that the typical rent consumes approximately 16.5% of the median monthly income ($60,833 / 12 months = $5,069.42; $811 / $5,069.42 * 100 = 16.0%). This percentage indicates that the rent is reasonably affordable for the average resident.
Comparing the market rent to the Fair Market Rent (FMR) of $910 for FY 2024, it's evident that the actual market rent is below the FMR, suggesting that rental properties in this ZIP code are generally priced lower than what might be considered fair market value. This could be advantageous for landlords looking to attract tenants with vouchers, as the $811 rent is likely within the voucher limits.
A landlord in ZIP 51018 should expect a tenant pool that is somewhat limited in terms of voucher availability due to the low proportion of renters. However, given the affordability of the market rent relative to the median income, tenants who do have vouchers are likely to be financially stable and able to contribute the required portion of their income towards rent. Additionally, the lower-than-FMR rent could make it easier for voucher holders to find suitable accommodation, potentially increasing the attractiveness of rental properties in this area.
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.