Location: Sioux County, IA | Metro: Lyon County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The ZIP code 51247 presents a dynamic rental market, with the Fair Market Rent (FMR) set at $1,090 for the fiscal year 2026, slightly below the market rent of $1,142 as reported by the Census ACS. This suggests that the market rent is already above the government's benchmark, indicating a strong demand for rental properties in this area.
The median home value stands at $307,322, which could imply a relatively stable housing market. However, without specific data on price-cut shares and days on market (DOM), it is challenging to determine if there is an overabundance of supply or if demand is keeping pace with it. The absence of these figures might indicate a steady market where neither landlords nor sellers feel pressured to reduce prices or where homes are selling quickly, reducing the need for extended marketing periods.
A noteworthy aspect is the 38.9% share of renters in the population. This high percentage of renters can signal persistent long-term housing pressure. With nearly 40% of residents choosing to rent, it reflects a significant portion of the community that may be unable or unwilling to purchase homes. This scenario often points towards a market where rental properties will continue to be sought after, providing a stable income stream for landlords and small-portfolio investors.
In conclusion, the current snapshot of ZIP 51247 reveals a rental market that is robust and likely to remain so due to the high percentage of renters. The slight premium of market rents over FMRs indicates that demand is currently strong enough to support higher rental prices. For investors, this ZIP code represents an opportunity in a market where rental properties are in demand, potentially offering a consistent and reliable investment.
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.