Location: Page County, IA | Metro: Montgomery County, IA
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 | $690 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $135,991 | 0.68% | D |
| 3BR | $1,180 | $188,995 | 0.62% | D |
| 4BR | $1,260 | $217,983 | 0.58% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 51638, which includes Essex, Iowa, is set at $920 per month for the fiscal year 2026. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, not the actual rent you would charge tenants. It's the maximum amount that the government will pay toward a tenant's rent.
To put this into perspective, the average rent in Essex, according to the latest Census American Community Survey (ACS), is $606 per month. The FMR is significantly higher, which can be beneficial for landlords participating in the Section 8 program as it helps cover costs that might otherwise exceed the local market rate.
In ZIP 51638, 18.1% of residents are renters, indicating a moderate demand for rental properties. While this percentage shows that a sizable portion of the population relies on rentals, it's important to note that demand can vary based on other factors such as job availability and housing needs.
If you're looking to acquire a property in this area, the median home value is around $178,711. This gives you an idea of the typical cost for a house in Essex, which can help in budgeting and financial planning for your investment.
Before committing to a Section 8 rental in Essex, verify that the property meets all local housing quality standards. These standards ensure that the rental unit is safe and habitable, and failing to meet them can result in reduced payments or even disqualification from the program.
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.