Location: Monona County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 51545, located in a county with a unique data signature, stands out due to its relatively low population of 267 residents, where only 14.5% are renters. The median income in this area is $70,313, and the median home value is $90,313, indicating a predominantly owner-occupied neighborhood with a modest level of rental activity.
From an economic perspective, the Federal Market Rent (FMR) for Section 8 vouchers in ZIP 51545 for fiscal year 2024 is set at $980. This contrasts sharply with the actual market rent, which is estimated at $508 according to Census ACS data. This discrepancy means that landlords who participate in the Section 8 program can expect higher rents compared to the local market average. Specifically, the FMR is nearly double the market rate, providing a significant financial incentive for landlords to accept Section 8 tenants.
The data signature of ZIP 51545 suggests a stable environment. With a low percentage of renters and a higher median income, the area appears to have a strong foundation for homeownership. However, the opportunity for landlords to receive higher rents through the Section 8 program could potentially shift the dynamics of the rental market. Despite this potential for change, the overall trend points towards stability rather than a transitional phase.
Landlords and small-portfolio investors should consider these factors when deciding whether to enter or expand their presence in ZIP 51545. The higher FMR for Section 8 vouchers presents a clear advantage over the current market rates, making it a viable option for those interested in the rental sector within this ZIP code.
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.