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 51041 in the metro area for fiscal year 2026 is set at $920. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this area. It's important to note that this is not the rent you should charge your tenants; it's the reimbursement limit for the housing assistance program.
In comparison, the average rent for the same ZIP code according to the latest Census American Community Survey (ACS) is $786. This indicates that the FMR is higher than the typical market rent, which can be beneficial for landlords participating in Section 8, as they might receive slightly above-average rates.
The demand for rentals in ZIP 51041 is strong, with 31.6% of residents being renters. This high percentage suggests that there is a significant number of potential tenants who could benefit from Section 8 assistance. The median home value in the area is around $314,865, which is indicative of the overall cost of acquiring property in this ZIP code. For a rental property, this would mean an investment in the neighborhood of this figure, depending on the exact location and condition of the property.
To ensure a successful Section 8 rental, it's crucial to verify that the property meets all the necessary requirements set by the housing authority. This includes meeting safety and habitability standards, such as having functioning plumbing, heating, and electrical systems, and being free from health hazards. A thorough inspection and any required repairs should be completed before applying to the program.
By adhering to these guidelines, landlords and small-portfolio investors can effectively navigate the Section 8 program in ZIP 51041, ensuring both compliance and profitability.
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.