Location: Sioux County, IA | Metro: Sioux County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,280 |
| 5 Bedrooms | $1,485 |
| 6 Bedrooms | $1,663 |
| 7 Bedrooms | $1,796 |
| 8 Bedrooms | $1,886 |
U.S. Census Bureau data (2024)
The housing market in ZIP 51244, Matlock, IA, shows a significant gap between the Federal Housing Administration's Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR stands at $920, while the median monthly rent for a 1-bedroom apartment is $630. This indicates that the FMR is approximately 46.03% higher than the market rent.
The disparity between FMR and market rent suggests that landlords participating in the Section 8 program can expect a yield play. With the FMR at $920, voucher tenants provide a guaranteed income stream that exceeds the local market rates, thus offering a higher potential return on investment.
However, the analysis must also consider the broader context of ZIP 51244. Renters constitute only 3.4% of the population, indicating a primarily owner-occupied area. Additionally, the median income is $83,365, which supports the idea that there is a smaller pool of potential rental customers. Despite these factors, the higher FMR compared to market rent makes Section 8 properties a lucrative option for landlords.
Landlords should be aware that managing Section 8 properties requires adherence to specific regulations and standards set by HUD. While the higher rent amount provides financial benefits, it is essential to balance these gains with the administrative requirements of the program.
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.