Location: Shelby County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
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 | $860 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,410 | $244,305 | 0.58% | F |
U.S. Census Bureau data (2024)
The market in ZIP 51521 presents a dynamic equilibrium between rental and homeownership options. With a Fair Market Rent (FMR) of $980 for the fiscal year 2024, the rental market appears to be slightly above the average market rent of $860, as reported by the Census American Community Survey. This suggests that there is a modest premium for rental properties, indicating a potential slight tilt towards higher demand than supply in the rental sector.
The median home value stands at $233,698, which is a significant figure for understanding the overall cost of living and property values in the area. While the exact percentage of price-cut share and days on market (DOM) are not available, the FMR being higher than the market rent can imply that landlords are willing to offer competitive rates to attract tenants, possibly due to a steady influx of renters into the area.
A 26.7% renter share is noteworthy. This percentage indicates that over a quarter of the population in ZIP 51521 opts for renting rather than owning a home. This high proportion of renters can exert long-term housing pressure on the local market, as it signals a continuous demand for rental units. Landlords and small-portfolio investors should recognize this trend as it suggests a stable segment of the market that will likely persist, making rental properties a reliable investment choice.
In summary, ZIP 51521 operates under the influence of both rental and homeownership dynamics. The rental market shows signs of demand, while the homeownership market reflects a stable value. The substantial renter share points to enduring housing pressures, favoring the rental market as a resilient investment option.
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.