Section 8 Fair Market Rent (FMR) for ZIP 51340 - 2027

Location: Clay County, IA | Metro: Clay County, IA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$690
1 Bedroom	$710
2 Bedrooms	$930
3 Bedrooms	$1,210
4 Bedrooms	$1,220
5 Bedrooms	$1,415
6 Bedrooms	$1,585
7 Bedrooms	$1,712
8 Bedrooms	$1,798

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$90,250

Housing Units

Renter Percentage

10.8%

Occupancy Rate

94.9%

Renter Occupied

The ZIP code 51340, located in Iowa, is a residential area that offers a mix of single-family homes and rental properties. The region benefits from a stable economy and a moderate cost of living, making it attractive for both homeowners and renters.

The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $920, providing a benchmark for rental pricing in the area.
Market rent data is currently unavailable, but given the FMR, landlords can expect competitive rental rates for their properties.
The median home value in ZIP 51340 stands at $145,861, indicating that the area is relatively affordable compared to other regions in the state.
Renters make up 10.8% of the housing market, suggesting a smaller but steady demand for rental units.
Median income in the area is $90,250, which supports the ability of residents to afford housing costs, including rents and mortgages.

Given these points, investors should note that while the median home value suggests affordability, the lack of specific market rent data makes it challenging to gauge exact rental potential. However, the stable median income and the established FMR provide a solid foundation for predicting future rental trends. With a smaller percentage of renters, there might be less competition for rental properties, allowing landlords to potentially command higher rents. Overall, the area presents a balanced opportunity for investment, with a focus on understanding local market dynamics to maximize returns.

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.