Location: Dickinson County, IA | Metro: Dickinson County, IA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,460 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $860 | $285,343 | 0.3% | F |
| 2BR | $1,120 | $313,712 | 0.36% | F |
| 3BR | $1,460 | $793,216 | 0.18% | F |
| 4BR | $1,470 | $1,404,801 | 0.1% | F |
| 5BR | $1,705 | $2,518,563 | 0.07% | F |
U.S. Census Bureau data (2024)
The ZIP code 51355, encompassing Okoboji, IA, represents a modest-sized community with a population of 1,048 individuals. Within this demographic, 28.7% of residents are renters, indicating a smaller but still significant tenant pool. The median household income stands at $72,262, which provides a baseline for assessing rental affordability.
Given that the market rent for the area is $942 per month, we can determine the proportion of income spent on rent by dividing the market rent by the median household income. This calculation shows that the average rent consumes approximately 15.2% of the median monthly income. While this figure might seem manageable, it's important to compare it against the Federal Market Rent (FMR), which is set at $1,130 for the metro area in fiscal year 2026. This indicates that the market rent is below the FMR, suggesting that tenants could potentially leverage their vouchers more effectively in this ZIP code.
The presence of vouchers in the market can be assessed by looking at the gap between the FMR and the actual market rent. In Okoboji, IA, this difference amounts to about $188 per month, implying that voucher holders could cover the majority of the rent with their assistance, leaving a smaller portion to be paid by the landlord. However, due to the relatively low percentage of renters in the ZIP code, the overall demand for Section 8 vouchers may not be as high as in larger urban areas.
A landlord in ZIP 51355 should anticipate a tenant profile that includes families who benefit from housing assistance programs. These tenants will likely have stable incomes, given the median household income level, and will be able to meet their rent obligations through a combination of their own earnings and voucher support. It's also worth noting that the lower market rent compared to the FMR can make properties more attractive to voucher holders, thus increasing the likelihood of finding suitable tenants.
In conclusion, while Okoboji, IA, is not dominated by renters, there is a sufficient number of potential tenants who could utilize Section 8 vouchers. The lower market rent relative to the FMR makes the area appealing for those seeking affordable housing options. Landlords should prepare for a mix of tenants, including those with housing vouchers, who are financially capable of maintaining rental agreements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.