Location: Fremont County, IA | Metro: Fremont County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
10.8% of residents in ZIP 51650 are renters, indicating a modest but present demand for rental properties. However, the median income of $49,063 suggests that many potential tenants might struggle to afford the market rent of $825 without assistance. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, which provides a benchmark for evaluating rental prices. Given the median home value of $118,778, it's clear that homeownership is more affordable than renting in this area. Unfortunately, the lack of data on days on market (DOM) and the percentage of price-cut share means we cannot assess how quickly properties sell or the frequency of price reductions, which would be crucial for understanding market dynamics.
The discrepancy between the FMR and the market rent indicates a potential opportunity for landlords who can offer competitive rents while still maintaining profitability. However, relying solely on market rent could limit the pool of potential tenants to those with higher incomes or financial assistance. The FMR serves as a reasonable guideline for pricing rentals to attract a broader range of tenants, particularly those who qualify for Section 8 housing vouchers.
To conclude, landlords and small-portfolio investors in ZIP 56150 should consider setting their rental rates closer to the FMR of $920 to maximize occupancy and leverage the availability of Section 8 vouchers. This approach aligns with the economic realities faced by local residents and the modest rental demand. Verdict: Favorable for Section 8 participation.
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.