Location: Monona County, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
7.5% of the population in ZIP 51056 are renters, indicating a modest demand for rental properties. Landlords considering this area should note that the Fair Market Rent (FMR) for 2024 is set at $920, which is higher than the market rent of $658 reported by the Census ACS. This suggests that properties priced at the FMR level could be competitive if they offer superior amenities or location advantages. The median home value in the area is $163,222, which is relatively low compared to other regions, potentially offering opportunities for property acquisition at favorable prices. However, the median income of $103,313 indicates that residents have a decent financial standing, which could support higher rental rates over time. The lack of available data on days on market (DOM) and the percentage of price-cut shares does not provide insights into the current volatility of the housing market, but it is clear that the gap between FMR and market rent presents an opportunity for landlords to adjust their pricing strategies accordingly. Given the specific figures, landlords and small-portfolio investors can leverage the higher FMR to attract tenants willing to pay a premium for quality housing, while also being mindful of the actual market conditions reflected in the lower market rent. In conclusion, the area is suitable for Section 8 participation, with the potential for steady returns and tenant occupancy.
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.