Section 8 Fair Market Rent (FMR) for ZIP 52039 - 2027

Location: Dubuque, IA | Metro: Dubuque, IA MSA

Investment Score for ZIP 52039

N/A

Monthly Rent (2BR)

$1,170

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$920
2 Bedrooms	$1,170
3 Bedrooms	$1,570
4 Bedrooms	$1,920
5 Bedrooms	$2,227
6 Bedrooms	$2,494
7 Bedrooms	$2,694
8 Bedrooms	$2,829

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,570	$386,627	0.41%	F
4BR	$1,920	$515,992	0.37%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,079

Median Household Income

$79,345

Housing Units

467

Renter Percentage

7.6%

Occupancy Rate

89.7%

Renter Occupied

A decision tree for evaluating ZIP 52039 for Section 8 investments starts with the Fair Market Rent (FMR) of $940 for fiscal year 2024. This figure is crucial for determining if the investment aligns with your financial goals.

Step 1: Can the FMR of $940 cover the debt service on a property valued at $393,209?

If yes, proceed to Step 2. The FMR must be sufficient to ensure that rental income meets the mortgage payments and other expenses associated with owning the property.
If no, do not invest. A property priced at $393,209 would require a higher FMR to meet the necessary debt service coverage ratio, typically aiming for a minimum of 1.15x the total monthly debt service.

Step 2: What is the relationship between the FMR and the market rent?

If market rent is above $940, consider the property's potential for higher returns outside of Section 8. However, this does not directly impact the suitability for Section 8 tenants.
If market rent is at or below $940, continue to Step 3. This indicates that the FMR is competitive with the local rental market, making Section 8 an attractive option for landlords.

Step 3: Evaluate the demand factors: 7.6% of renters and N/A days on the market (DOM).

If there is significant demand (7.6% of renters) and the DOM is low, indicating quick turnover, then the answer is yes. There is enough demand to fill vacancies promptly.
If the demand is marginal and DOM is high, the answer is no. High DOM suggests that properties may remain vacant longer, reducing cash flow.
If demand is moderate but DOM is unknown, the answer is it depends. More research into vacancy rates and tenant preferences is needed to make a definitive decision.

The analysis of ZIP 52039 for Section 8 investments hinges on these three steps. Each step provides a clear path to either investing or not based on the financial and market conditions specific to this zip code.

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.