Location: Cass 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 | $770 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,400 | $200,043 | 0.7% | D |
U.S. Census Bureau data (2024)
The market in ZIP code 51544 presents a dynamic equilibrium between rental and ownership, with clear indicators pointing towards varying pressures on both sectors. The Fair Market Rent (FMR) for the area stands at $980 for the fiscal year 2024, while the actual market rent reported by the Census ACS is notably lower at $628. This discrepancy suggests that there is a significant gap between what the government deems a fair rent and what the market is currently offering, indicative of potential oversupply or downward pricing pressure.
The median home value in the area is $157,194, which is relatively affordable compared to national averages, potentially attracting first-time buyers and those seeking to move from renting to owning. However, the renter share of the population at 18.4% indicates that nearly one in five residents prefer or are compelled to rent rather than own their homes. This percentage suggests that there is a segment of the population facing long-term housing affordability challenges, likely due to financial constraints or employment instability.
The absence of specific data regarding the percentage of price cuts and days on the market (DOM) for rentals makes it challenging to quantify the exact supply-demand balance. Nonetheless, the lower market rent relative to FMR implies that landlords may be adjusting their prices to remain competitive, which could signal an environment where supply slightly exceeds demand. This situation can create pressure on landlords to offer more attractive terms to attract tenants, such as lower rents or additional amenities.
In conclusion, ZIP 51544 appears to be a market characterized by affordability in both rental and homeownership sectors, yet with underlying tensions that suggest a need for landlords and small-portfolio investors to stay vigilant and adaptive to changes in the local economy and housing preferences. The relatively low renter share points towards a community that values homeownership, but the ongoing affordability issues highlight the persistent challenge of meeting the needs of all residents.
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.