Location: Carroll County, IA | Metro: Carroll 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 | $880 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $248,955 | 0.52% | F |
U.S. Census Bureau data (2024)
ZIP code 51430, located within the Carroll County, IA metro area, presents an interesting profile when compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for ZIP 51430 is set at $990 for fiscal year 2026, which is notably higher than the market rent of $851. This suggests that while market conditions indicate a lower rental rate, the government's assessment of fair rents is higher, potentially due to the presence of subsidized housing.
The median home value in ZIP 51430 stands at $236,283, which is indicative of a mid-tier neighborhood within the Carroll County metro. However, the renter share in this ZIP code is quite substantial at 23.3%. Typically, a higher renter share could point towards a larger demand for rental properties, which might be beneficial for landlords.
To determine if ZIP 51430 is a value pocket, a mid-tier neighborhood, or a premium sub-market within its metro, we can look at the relationship between the FMR and the market rent. With the FMR being higher than the market rent, it suggests that there might be opportunities for landlords who can leverage the higher FMR to attract tenants through Section 8 vouchers. The combination of a below-average home value compared to the FMR and a high renter share points towards a potential sweet spot for Section 8 participation.
In summary, ZIP 51430 appears to be a mid-tier neighborhood with characteristics that make it particularly attractive for landlords interested in participating in the Section 8 program. The discrepancy between the FMR and market rent, along with the significant renter share, indicates a strong possibility for subsidized housing to play a key role in the local rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.