Location: Cherokee County, IA | Metro: Cherokee County, IA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,200 | $157,662 | 0.76% | D |
U.S. Census Bureau data (2024)
The ZIP code 51049 stands out due to its unique demographic and economic characteristics. With a total population of 448 residents, it has a relatively low percentage of renters at 17.0%, indicating that homeownership is more prevalent. The median income for residents is $57,120, which is slightly below the national average, while the median home value sits at a robust $111,754. This suggests that homeowners in this area have a significant investment in their properties.
When considering the voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, whereas the current market rent, based on Census ACS data, is significantly lower at $643. This discrepancy highlights an opportunity for landlords who can leverage the higher FMR rates offered through the Section 8 program to increase their rental income. It's important to note that the FMR rate is designed to reflect the 40th percentile of gross rents plus utilities paid by recent movers, meaning that landlords can charge above the typical market rate without exceeding the government-set limit.
The data signature for ZIP 51049 reads as stable. Despite the low percentage of renters, the presence of Section 8 vouchers provides a consistent stream of potential tenants for landlords. The gap between the FMR and market rent also indicates that there is room for landlords to adjust their rental strategies to benefit from the program. However, the relatively low median income could be a factor to consider when setting rent prices, ensuring they remain affordable for voucher holders while still being profitable for landlords.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.