Location: Dubuque, IA | Metro: Dubuque, IA MSA
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 | $730 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $233,226 | 0.45% | F |
| 3BR | $1,410 | $313,947 | 0.45% | F |
| 4BR | $1,730 | $391,228 | 0.44% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 52045 in Iowa for fiscal year 2024 is set at $860. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is a federal assistance program for low-income renters. It's important to note that this is the payment standard, meaning it's the upper limit for what the government will pay on behalf of eligible tenants, not necessarily your rent.
To put this into context, the average market rent in ZIP 52045, according to recent Census American Community Survey (ACS) data, is $923. This indicates that the FMR is slightly below the local market rate, which could affect your decision if you're considering a Section 8 rental versus a traditional one. However, the demand for affordable housing is strong, with 20.7% of the population being renters. This suggests that there is a significant number of potential tenants who would be interested in a Section 8 rental property.
If you're looking to acquire a property in this area, you should be aware that the median home value is around $322,830. This is a substantial investment, but it also provides a solid foundation for long-term financial stability through consistent rental income. While the FMR sets a cap on the rent you can charge, it also ensures a steady stream of income from the Housing Choice Voucher Program, which helps cover the tenant's portion of the rent.
Before making the final decision to enter the Section 8 market, one critical step is to verify the physical condition of the property against the Housing Quality Standards (HQS). These standards ensure that the unit meets basic safety and habitability criteria. If your property does not meet these requirements, you will need to make necessary improvements before it can be approved for the Section 8 program.
In summary, the FMR of $860 provides a clear benchmark for your rental income, while the local market rent of $923 and the high renter share of 20.7% indicate strong demand for affordable housing. With an acquisition cost of approximately $322,830, you can expect a solid investment that offers predictable returns. Ensure your property meets HQS to avoid delays and additional expenses.
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.