Location: Monona County, IA | Metro: Sioux City, IA-NE-SD MSA
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 | $740 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $246,975 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 51055 presents a dynamic rental market that reflects the balance between supply and demand. With a Fair Market Rent (FMR) set at $1020 for the fiscal year 2024, it's evident that there is a recognized standard for rental costs in the area. However, the actual market rent, as reported by the Census American Community Survey (ACS), stands at $781. This discrepancy suggests that the market rent is lower than what is considered fair, indicating that supply might be meeting or slightly exceeding demand.
The median home value in ZIP 51055 is $235,432, which provides insight into the overall cost of homeownership in the region. Despite this figure, the significant portion of renters—comprising 30.1% of the population—implies a substantial reliance on the rental market. This high percentage of renters can be indicative of several factors: economic conditions that make homeownership challenging, young professionals who prefer renting over buying, or families who find renting more suitable due to job mobility or other reasons.
A high renter share can also suggest long-term housing pressure. In areas where a considerable number of residents choose or need to rent, there is often an underlying tension regarding housing affordability and availability. This pressure can influence future housing trends, pushing for either more affordable housing options or changes in local policies to accommodate the needs of renters.
While the data on price-cut share and days on market (DOM) is currently unavailable, the existing metrics provide a snapshot of a market in flux. The gap between FMR and market rent points to a competitive environment where landlords may need to adjust their pricing to attract tenants. The presence of a large rental market segment signals a potential for steady demand, especially if the economic conditions remain stable or improve.
In conclusion, ZIP 51055 is characterized by a rental market that is responsive to both supply and demand dynamics. The relatively low market rent compared to the FMR indicates a balanced market, but the high renter share suggests ongoing pressures that could shape future housing trends. For landlords and small-portfolio investors, understanding these dynamics is crucial for making informed decisions about property management and investment strategies.
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.