Section 8 Fair Market Rent (FMR) for ZIP 51535 - 2027

Location: Cass County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$830
1 Bedroom	$870
2 Bedrooms	$1,090
3 Bedrooms	$1,500
4 Bedrooms	$1,770
5 Bedrooms	$2,053
6 Bedrooms	$2,299
7 Bedrooms	$2,483
8 Bedrooms	$2,607

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,697

Median Household Income

$76,371

Housing Units

791

Renter Percentage

21.4%

Occupancy Rate

93.6%

Renter Occupied

158

Housing Authorities Serving ZIP 51535

Municipal Housing Agency of Council Bluffs (Council Bluffs, IA) - 784 Section 8 vouchers

The town of Griswold, Iowa, encapsulated within ZIP code 51535, is a modest-sized community that offers a stable environment for both residential living and investment opportunities. The local real estate market reflects a balance between homeownership and rental demand, providing a fertile ground for small-portfolio investors and landlords looking to capitalize on consistent returns.

The Fair Market Rent (FMR) for a two-bedroom apartment in Griswold for fiscal year 2024 is set at $980.
The average market rent for properties in the area, according to the Census American Community Survey, is $950.
The median home value in Griswold stands at $185,895, indicating a moderate price range for potential investments.
Renters make up 21.4% of the housing market, showing a significant but not overwhelming demand for rental properties.
The median household income in Griswold is $76,371, suggesting that residents have the financial capacity to meet rental obligations.

The combination of these factors points to a promising investment climate in Griswold. With the Fair Market Rent slightly above the market rent, landlords can expect to achieve competitive pricing without alienating tenants. The median home value indicates a reasonable entry cost for property acquisition, while the renter share highlights a solid demand for rentals. Given the median income levels, there's a good chance that the local economy supports steady rental payments. Overall, Griswold presents a balanced opportunity for real estate investment with predictable returns.

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.