Location: Crawford County, IA | Metro: Crawford 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 | $720 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,300 | $185,892 | 0.7% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 51465 stands at $72,917, indicating a relatively modest financial situation for many households. The market rate for rent, according to the Census ACS, is $588. This figure suggests that a significant portion of residents might find it challenging to cover their housing costs without financial strain. When compared to the voucher payment standard of $940 (FMR for metro FY 2026), it becomes evident that voucher recipients could face an even larger gap between their income and the cost of living.
With only 9.6% of the population being renters and a total population of 689, the rental market in ZIP 51465 is quite limited. This means that landlords have fewer potential tenants to choose from, leading to increased competition among property owners for available renters. Landlords must carefully consider their pricing strategies to attract tenants within this constrained market.
The affordability gap highlights a critical challenge for landlords: balancing the need to charge competitive rates while ensuring that rents are high enough to cover costs and provide a reasonable profit. Given that the median income is lower than the FMR, landlords should be prepared for a higher demand for Section 8 vouchers among potential tenants.
For landlords considering whether to accept voucher tenants or focus on cash-paying ones, the data points towards a strategic decision. While cash-paying tenants might offer the flexibility to set rents above the market rate, they are likely to be scarce due to the limited number of renters and the overall income level. On the other hand, voucher tenants provide a guaranteed income stream that covers the FMR, which is significantly higher than the current market rate. Accepting vouchers can ensure a steady income and reduce vacancy risks in a market where many households struggle to meet the cost of rent.
Takeaway: In ZIP 51465, landlords should weigh the benefits of accepting Section 8 vouchers against the limitations of the local rental market. Given the low median income and limited number of renters, securing tenants through vouchers may be a more reliable strategy for maintaining occupancy and profitability.
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.