Location: Shelby County, IA | Metro: Omaha-Council Bluffs, NE-IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
980 FMR (zip FY 2024) stands as the Fair Market Rent for ZIP code 51577, indicating the maximum rental amount allowed for housing assistance under Section 8. This figure is notably higher than the $874 market rent observed in the area according to Census ACS data, suggesting a favorable environment for landlords participating in the program. The median home value of $200,731 provides context on the overall real estate value in the region, which can be considered moderate compared to other areas. With 22.7% of residents being renters, there is a significant portion of the population that could benefit from Section 8 assistance, thereby increasing the demand for rental properties that accept it. The median income of $71,518 reflects the financial status of households in the area, potentially limiting the ability of many to afford market rents without assistance. Although the days on market (DOM) and price-cut share data are not available, the disparity between the FMR and the market rent suggests that landlords could see steady occupancy rates and stable income streams by accepting Section 8 tenants.
Investors should also note that the $980 FMR is set to cover a broad range of unit types and sizes, ensuring that landlords receive fair compensation regardless of the specific property characteristics. This fixed rate can be advantageous in managing cash flow predictably. Furthermore, the high FMR relative to market rent means that landlords can charge close to or at the FMR level and still remain competitive in the local rental market.
The verdict on Section 8 for ZIP 51577 is positive, given the alignment between the FMR and the local rental market dynamics, coupled with the significant renter share and median income levels that suggest a need for affordable housing solutions.
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.