Location: Shelby County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
ZIP code 51563, located within the Shelby County, IA metro area, presents a unique profile when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for 51563 is set at $1000 for fiscal year 2024, which aligns closely with the market rent figure of $1,079. This indicates that the rental rates are in line with what the government deems fair for the area.
The median home value in 51563 is $252,786, which is reflective of the broader Shelby County housing market. However, the ZIP's renter share stands at 20.3%, significantly higher than the average for Shelby County, which typically ranges around 15%. This elevated percentage of renters can be a positive indicator for landlords and small-portfolio investors looking for areas where demand for rentals is strong.
When evaluating 51563 against other ZIP codes in the Shelby County metro, it appears to be a mid-tier neighborhood. The FMR and market rent are neither exceptionally low nor high, suggesting a balanced rental market. Similarly, the home values are consistent with the county average, indicating that property investments here would likely yield returns comparable to the wider metro area.
The divergence lies in the higher renter share. While this alone does not make 51563 a premium sub-market, it does highlight a potential sweet spot for Section 8 housing. High renter share combined with below-metro average home values can signal an area where Section 8 vouchers are more commonly utilized, thus providing steady income for landlords willing to accept them.
In summary, ZIP code 51563 offers a stable investment opportunity for landlords and small-portfolio investors, characterized by mid-tier rental and home values. The higher-than-average renter share makes it particularly attractive for those interested in Section 8 housing, as it suggests a strong demand for subsidized rentals in the 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.