Location: Lyon County, IA | Metro: Lyon County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,240 |
| 5 Bedrooms | $1,438 |
| 6 Bedrooms | $1,611 |
| 7 Bedrooms | $1,740 |
| 8 Bedrooms | $1,827 |
U.S. Census Bureau data (2024)
The ZIP code 51230 presents a unique challenge for landlords and small-portfolio investors interested in Section 8 tenants. With a population of 478, only 1.1% of residents are renters, indicating that this is predominantly a homeowner-dominated area rather than a renter-heavy ZIP. This low percentage of renters suggests that there is limited demand for rental properties, which in turn implies that the availability of Section 8 vouchers may be scarce.
The median household income in this area stands at $75,625, which is relatively high. However, since market rent data is not available, it's impossible to calculate the exact percentage of income that goes towards rent. Nonetheless, we can compare the median income to the Fair Market Rent (FMR) figure of $970, which is set for FY 2026 in the metro area. Assuming a standard FMR calculation, a household earning the median income would likely spend a much smaller portion of their income on rent compared to areas with higher rent costs relative to income.
In this ZIP code, landlords should expect a tenant profile that is less reliant on government assistance programs such as Section 8. Given the low percentage of renters and the higher median income, tenants are more likely to be financially stable and able to pay rent without relying on vouchers. The scarcity of vouchers means that landlords will have fewer applications from Section 8 tenants, and those who do apply may face competition from other landlords due to the limited number of vouchers in circulation.
To attract and retain tenants in this environment, landlords must consider the broader rental market dynamics. While Section 8 vouchers might be hard to come by, the overall tenant pool is likely to consist of individuals or families who are capable of paying market rates and are looking for quality housing options. Landlords should focus on maintaining well-maintained properties that appeal to these potential tenants, ensuring they remain competitive in a market with fewer assisted housing opportunities.
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.