Location: Sioux City, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
U.S. Census Bureau data (2024)
The ZIP code 51044 is situated in a suburban neighborhood characterized by a relatively small population of 165 residents. The area has a low percentage of renters at just 5.2%, indicating that homeownership is prevalent among the local populace. The median household income in this ZIP code stands at $90,417, which suggests a moderate level of economic comfort among the residents. However, the median home value is notably lower at $167,189, potentially reflecting an older housing stock or other factors influencing property values.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 51044 in fiscal year 2024 is set at $980. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program. Unfortunately, specific market rent data for the area is not available, making it challenging to compare the FMR against typical rental rates. Given the limited number of renters, it's likely that the demand for rental properties is also low, which could affect the attractiveness of the area for investors focused on rental income.
Considering the characteristics of ZIP 51044, it would be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low renter population means that there is less potential for increasing occupancy through active management strategies. Moreover, the discrepancy between the median income and the median home value might indicate that many residents are long-term homeowners who have benefited from historical price trends, further limiting the pool of potential tenants. For those looking to operate without significant tenant turnover or management overhead, this ZIP code could offer a stable, if modest, investment opportunity.
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.