Location: Shelby County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 51552 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $1040 per month for fiscal year 2024. However, the local market rent for a similar unit is significantly lower, running at $723 according to the Census ACS.
A landlord might wonder how much they will actually receive from a voucher. Here's a breakdown: the tenant is responsible for paying 30% of their adjusted income towards rent. This amount can vary widely depending on the individual tenant's income. The remaining balance is covered by the voucher, up to the SAFMR limit. In addition to the base rent, utility allowances are also provided. For ZIP 51552, the utility allowance for a two-bedroom unit is typically around $300.
This means that if a tenant's portion of the rent is $300, the total reimbursement to the landlord would be $1040. If the tenant's portion is less than the SAFMR limit, the landlord still receives the full SAFMR amount. Therefore, even if the tenant's contribution is minimal, the landlord is guaranteed a reimbursement of up to $1040 per month for a two-bedroom unit.
Given the local market rent of $723, there is a surplus when comparing the SAFMR to the actual market rates. The difference between the SAFMR and the local market rent is $317. This surplus provides landlords in ZIP 51552 an opportunity to earn more than the typical market rent for a two-bedroom apartment, making it a favorable option for those looking to secure steady rental income without the risk of vacancy.
In summary, landlords accepting Section 8 vouchers in ZIP 51552 can expect a reimbursement of up to $1040 per month for a two-bedroom unit, which exceeds the average local market rent by $317. This makes participating in the Section 8 program financially beneficial for landlords in this area.
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.