Location: Palo Alto County, IA | Metro: Clay County, IA
| 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 |
U.S. Census Bureau data (2024)
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.