Location: Carroll County, IA | Metro: Carroll County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,290 |
| 5 Bedrooms | $1,496 |
| 6 Bedrooms | $1,676 |
| 7 Bedrooms | $1,810 |
| 8 Bedrooms | $1,901 |
U.S. Census Bureau data (2024)
ZIP code 51451, located within the Carroll County, IA metro area, presents a unique rental landscape compared to typical ZIP codes in the county. The Fair Market Rent (FMR) for 51451 is set at $960 for fiscal year 2026, which is notably higher than the market rent figure of $475. This disparity suggests that 51451 could be considered a value pocket for Section 8 participants, offering subsidized rents significantly lower than the FMR.
The lack of available data on home values in 51451 means we cannot directly compare it to other ZIP codes in Carroll County, IA. However, the 15.7% renter share in this ZIP code stands out. While this percentage is not exceptionally high, it indicates a substantial portion of residents rely on rental housing. In conjunction with the low market rent, this points towards an environment where rental subsidies can play a significant role, potentially attracting a higher concentration of renters eligible for Section 8 assistance.
In contrast to the FMR, the market rent of $475 is relatively low, indicating that landlords in 51451 might benefit from the federal subsidy program to bridge the gap between actual market rates and the FMR. This makes it a favorable location for landlords who wish to participate in the Section 8 Housing Choice Voucher program, as they can receive a higher rent reimbursement relative to their costs.
Based on the provided figures, ZIP 51451 appears to be a value pocket within its metro area. It offers lower market rents than the FMR, which is advantageous for both tenants seeking affordable housing and landlords looking to participate in the Section 8 program. The relatively high renter share also supports this inference, suggesting a market where rental subsidies can have a pronounced impact.
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.