Location: Page 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 | $750 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,010 | $84,814 | 1.19% | B |
| 3BR | $1,400 | $152,684 | 0.92% | C |
| 4BR | $1,520 | $199,650 | 0.76% | D |
| 5BR | $1,763 | $290,664 | 0.61% | D |
U.S. Census Bureau data (2024)
ZIP code 51566, located in Red Oak, IA, is characterized by a significant portion of its population being renters, at 36.3%. This suggests a notable demand for rental properties, which can be further supported by the presence of Section 8 housing vouchers. With a population of 7,010, the rental market is substantial enough to warrant attention from landlords and small-portfolio investors.
The median household income in this area stands at $56,637. The average market rent is $829, which represents approximately 14.6% of the median household income. This percentage indicates that rent is relatively affordable compared to income levels, making it feasible for tenants to cover their rent payments even when they are on fixed incomes.
However, it's important to note that the Fair Market Rent (FMR) set by HUD for ZIP 51566 is $980 (for FY 2024), which is higher than the current market rent. This discrepancy means that landlords who accept Section 8 vouchers might find their rental units valued slightly above the average market rate, potentially attracting a steady stream of interested tenants.
In terms of tenant profile, landlords in Red Oak should expect a mix of families and individuals who rely on Section 8 vouchers to help cover their housing costs. These tenants will likely have a range of incomes but will generally be those who qualify for assistance based on their financial situation. Given the FMR and median income, these tenants will be carefully vetted to ensure they meet the eligibility criteria for receiving vouchers.
The combination of a sizeable renter population and the potential for higher rents through Section 8 vouchers makes ZIP 51566 a promising area for landlords looking to invest in properties that cater to assisted housing tenants. While the overall demand for rental properties is strong, the specific demand for Section 8 vouchers is also likely to be robust due to the affordability gap between market rents and the FMR.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.