Section 8 Fair Market Rent (FMR) for ZIP 51551 - 2027

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

Investment Score for ZIP 51551

Monthly Rent (2BR)

$1,110

Median Price (2BR)

$192,594

1% Rule

0.58%

Annual Yield

6.92%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$890
1 Bedroom	$930
2 Bedrooms	$1,110
3 Bedrooms	$1,470
4 Bedrooms	$1,670
5 Bedrooms	$1,937
6 Bedrooms	$2,169
7 Bedrooms	$2,343
8 Bedrooms	$2,460

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,110	$192,594	0.58%	F
3BR	$1,470	$304,907	0.48%	F
4BR	$1,670	$385,979	0.43%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,842

Median Household Income

$85,469

Housing Units

734

Renter Percentage

14.1%

Occupancy Rate

86.2%

Renter Occupied

The ZIP code 51551, located in Malvern, IA, within the Fremont County, IA metro area, presents an interesting profile when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 51551 is set at $1080 for fiscal year 2024, which is higher than the market rent of $870. This suggests that landlords in 51551 might have an opportunity to receive slightly higher rents through Section 8 programs than what the open market currently offers.

The median home value in ZIP 51551 stands at $243,941. This figure indicates that the housing stock in this area is priced moderately compared to other ZIP codes in Fremont County, making it neither a premium nor a value pocket in terms of home value.

A notable point of divergence is the 14.1% renter share, which is relatively low but could still represent a significant portion of the rental market. A lower renter share combined with below-metro average home values can indicate that the area is less attractive to homeowners and thus potentially more appealing to renters, including those participating in Section 8 programs.

To further contextualize this analysis, consider the following:

Market Rent vs. FMR: The gap between the FMR and the market rent is $210, suggesting that properties in 51551 could be more profitable for landlords if they participate in Section 8.
Renter Share: With a renter share of 14.1%, the ZIP code has a smaller proportion of renters than might be expected in a typical Section 8 sweet spot, where higher renter shares are common. However, the combination of below-average home values and the FMR advantage still positions 51551 as a viable option for landlords interested in Section 8 tenants.

In summary, ZIP 51551 appears to be a mid-tier neighborhood within its metro area, offering moderate home values and a slight advantage in rental income through Section 8 participation. The relatively low renter share does not detract from its potential as a value pocket for landlords seeking stable rental income with government assistance.

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.