Location: Sioux City, IA | Metro: Sioux City, IA-NE-SD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
The Fair Market Rent (FMR) for ZIP 51102 in Sioux City, IA, for fiscal year 2024 is set at $1000. This figure represents the payment standard for Section 8 housing assistance and does not equate to the actual rent you can charge tenants. It's important to understand that this is the maximum amount the government will pay towards rent for eligible families.
To gauge the local rental market, it's useful to look at the broader area, such as ZIP Code 51101, where demographic information is available. In this region, the median home value is approximately $120,000, indicating a relatively affordable market for both homeowners and renters. The renter share of the population is around 35%, suggesting there is a significant demand for rental properties.
When considering the acquisition cost of a property, the median home value gives a good indication of the typical price range. However, for rental properties specifically, you should also research the average rental prices in the area. This will help you determine if the $1000 FMR is competitive and likely to attract tenants.
Before making a final decision, verify the specific rental market conditions in ZIP Code 51102 by checking recent rental listings and their prices. This will provide you with the most accurate picture of the local demand and competition.
Data Sources: FMR data from HUD (2027).
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.