Section 8 Fair Market Rent (FMR) for ZIP 51105 - 2027

Location: Sioux City, IA | Metro: Sioux City, IA-NE-SD MSA

Investment Score for ZIP 51105

C
Monthly Rent (2BR)
$1,040
Median Price (2BR)
$120,937
1% Rule
0.86%
Annual Yield
10.32%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$720
1 Bedroom$840
2 Bedrooms$1,040
3 Bedrooms$1,250
4 Bedrooms$1,380
5 Bedrooms$1,601
6 Bedrooms$1,793
7 Bedrooms$1,936
8 Bedrooms$2,033

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
1BR $840 $88,522 0.95% C
2BR $1,040 $120,937 0.86% C
3BR $1,250 $146,886 0.85% C
4BR $1,380 $153,417 0.9% C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
10,415
Median Household Income
$51,786
Housing Units
4,053
Renter Percentage
51.8%
Occupancy Rate
88.7%
Renter Occupied
1,861

ZIP code 51105, located in Sioux City, Iowa, stands out in Woodbury County due to its significant rental population and moderate median income levels. With 10,415 residents, 51.8% of whom rent their homes, it highlights a strong demand for affordable housing solutions. The median income here is $51,786, which is relatively modest compared to the median home value of $131,502, indicating that homeownership is less common and often beyond the reach of many local residents.

The voucher economics in ZIP 51105 present an interesting opportunity for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area, set at $910 for fiscal year 2024, is notably higher than the current market rent of $859, as reported by the Census Bureau's American Community Survey. This means that landlords who accept Section 8 vouchers can benefit from slightly above-market rents, potentially increasing their revenue and improving property occupancy rates.

The data signature of ZIP 51105 reads as stable. Despite the high percentage of renters, the median income and home values suggest a steady economic environment where tenants are likely to maintain consistent rental payments. For landlords and small-portfolio investors, this stability provides a reliable income stream, especially when leveraging Section 8 vouchers to ensure a steady tenant base. The slight premium in FMR over market rent further supports the attractiveness of this ZIP code for those willing to participate in the voucher program.

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.