Section 8 Fair Market Rent (FMR) for ZIP 51358 - 2027

Location: Palo Alto 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$1,240
4 Bedrooms$1,250
5 Bedrooms$1,450
6 Bedrooms$1,624
7 Bedrooms$1,754
8 Bedrooms$1,842

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
1,213
Median Household Income
$64,583
Housing Units
753
Renter Percentage
17.9%
Occupancy Rate
67.5%
Renter Occupied
91

The ZIP code 51358 stands out with a population of 1,213 residents, where 17.9% are renters. The median income in this area is $64,583, while the median home value sits at $181,894. This combination of a relatively low rental rate and a moderate median home value indicates that the majority of homeowners in this ZIP code are likely to be owner-occupiers rather than landlords.

Moving into the specifics of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. In contrast, the current market rent, as per the Census American Community Survey (ACS), is $638. This discrepancy between the FMR and the actual market rent suggests that landlords accepting Section 8 vouchers could potentially see an increase in their rental income, making it a favorable option for those looking to attract tenants through the program.

Given the data signature of ZIP 51358, the environment can be characterized as stable. The modest rental percentage indicates a strong base of owner-occupiers, which contributes to community stability. Moreover, the median home value and income levels suggest a balanced economic landscape that is unlikely to experience rapid changes. For landlords and small-portfolio investors, this stability means predictable returns and a lower risk of vacancy compared to transitional areas where the rental market might fluctuate more dramatically.

The favorable economics of Section 8 vouchers, with the potential for higher rents than the current market rate, combined with the stable demographic and economic indicators, make ZIP 51358 a promising location for those interested in participating in the Section 8 housing assistance 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.