Location: Sioux County, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,340 |
| 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 ZIP code 51023 stands out within its county with a population of 3,473 residents, where 29.1% of them rent their homes. The median income in this area is $80,357, while the median home value is notably higher at $188,913. This combination of relatively low rental rates and high home values indicates a unique housing market dynamic that could be advantageous for landlords and small-portfolio investors.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 51023 is set at $910 for the fiscal year 2024. In comparison, the market rent, according to Census ACS data, is slightly higher at $926. This means that landlords who accept Section 8 vouchers can expect to receive rents very close to the market rate, with only a minimal difference of $16 per month. The proximity of these figures suggests that there is little financial disincentive for landlords to participate in the program.
When analyzing the data signature of ZIP 51023, it appears to be stable rather than transitional. The median income and home values suggest a consistent economic environment, and the slight discrepancy between the FMR and market rent indicates a mature market where rental subsidies align closely with actual costs. For landlords and small-portfolio investors, this stability offers a predictable income stream with minimal risk of significant changes in rental dynamics.
Investors should also note the rental rate percentage, which at 29.1%, is below the national average. This could imply a strong preference among residents for homeownership, further supporting the high median home value. However, the presence of Section 8 vouchers ensures a steady demand for rental properties, making 51023 an attractive investment location for those interested in the rental market.
To summarize, ZIP 51023 presents a stable market with favorable conditions for landlords and investors. The high median home value coupled with a moderate rental rate percentage and competitive Section 8 voucher economics make it a solid choice for those looking to invest in a predictable and financially sound real estate market.
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.