Location: O'Brien County, IA | Metro: O'Brien County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
The ZIP code 51231 is not primarily a renter-heavy area but rather a homeowner-dominated region. With only 5.7% of the population renting, the demand for Section 8 vouchers is relatively low. The median household income in this ZIP stands at $108,058, indicating a higher-income bracket compared to many areas.
Despite the high median income, the market rent figures are not available, which makes it difficult to assess the exact percentage of income that goes towards rent. However, using the Fair Market Rent (FMR) as a proxy, we can infer that at $980 per month, the typical rent would consume about 11% of the median household income. This is calculated by taking the annual FMR ($11,760) and dividing it by the median household income ($108,058), then multiplying by 100 to get the percentage.
Landlords in ZIP 51231 should expect tenants who are likely to be financially stable and able to afford market rents without relying on housing vouchers. Given the low percentage of renters and the higher income levels, there's less pressure on landlords to accept Section 8 tenants if they choose not to. However, for those interested in attracting voucher holders, the FMR of $980 provides a guideline for what is considered affordable rent for lower-income households in this area.
To summarize, while the ZIP code offers opportunities for landlords who wish to cater to a broad range of tenants, including those with vouchers, the primary market is geared towards homeowners and higher-income renters. Landlords should focus on maintaining properties that appeal to financially secure individuals and families who can afford rents close to or above the FMR without assistance.
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.