Location: Delaware County, IA | Metro: Delaware County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 52038, set at $920 for metro fiscal year 2026, is a critical figure for landlords and small-portfolio investors considering their first Section 8 rental property. This amount represents the payment standard, meaning it is the maximum rent that a Section 8 tenant can be charged for a unit in this area. However, it's important to note that this does not directly translate to your rent; it's the subsidy limit.
To put this into perspective, the average rent in ZIP 52038 is slightly higher at $932 according to recent Census American Community Survey (ACS) data. This indicates that while the FMR is close to the market rate, you might need to adjust your expectations slightly downward for Section 8 tenants.
The demand for rental properties in this area is steady, with 8.7% of the population being renters. This percentage suggests a reliable pool of potential tenants who could benefit from Section 8 housing assistance. The median household income in the area is around $230,366, which is significantly higher than the income levels of those typically eligible for Section 8. This contrast underscores the importance of understanding the local rental market dynamics.
Before making an investment decision, verify that the property meets all Section 8 requirements, including inspection criteria and rent limits. This ensures compliance and avoids delays in securing a tenant. Remember, the FMR of $920 sets the cap for subsidies but doesn't guarantee the exact rent you'll receive. It's crucial to understand the difference between the subsidy and the overall rent structure.
In summary, the FMR provides a guideline for the maximum rent subsidy, which is slightly below the local average rent. With 8.7% of the population renting, there is a consistent demand for affordable housing options. Understanding these dynamics and ensuring your property complies with Section 8 standards will help you make an informed decision about your first Section 8 rental in ZIP 52038.
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.