Location: Iowa County, IA | Metro: Cedar Rapids, IA HUD Metro FMR Area
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 | $800 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,430 |
| 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 | $1,030 | $216,870 | 0.47% | F |
| 3BR | $1,430 | $276,902 | 0.52% | F |
| 4BR | $1,730 | $305,040 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 52203, located in Amana, Iowa, stands out due to its unique demographic and economic characteristics. With a total population of 2,231 residents, only 13.9% are renters, indicating a predominantly owner-occupied community. The median household income is relatively strong at $101,950, which supports the high median home value of $259,567. This combination of factors suggests that Amana is a stable residential area with a robust local economy.
Turning to the specifics of Section 8 housing, the Fair Market Rent (FMR) for ZIP 52203 for fiscal year 2024 is set at $1,020. However, the actual market rent, based on Census American Community Survey data, is lower at $743. This discrepancy between the FMR and market rent means that landlords participating in the Section 8 program can potentially charge above-market rents, which could be attractive to some investors looking to maximize their rental income. The higher FMR also indicates that tenants receiving vouchers can afford slightly pricier units, making it easier for landlords to find suitable properties for their tenants within the ZIP code.
Given the data signature of ZIP 52203, it appears to be a stable area. The low percentage of renters combined with a high median income and home values suggest a community that is well-established and less likely to experience significant changes in the near future. While the potential for transitional dynamics always exists, the current indicators point towards stability, which is favorable for both landlords and small-portfolio investors looking for consistent returns.
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.