Section 8 Fair Market Rent (FMR) for ZIP 52214 - 2027

Location: Cedar Rapids, IA | Metro: Cedar Rapids, IA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$720
1 Bedroom	$790
2 Bedrooms	$1,030
3 Bedrooms	$1,430
4 Bedrooms	$1,720
5 Bedrooms	$1,995
6 Bedrooms	$2,234
7 Bedrooms	$2,413
8 Bedrooms	$2,534

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,761

Median Household Income

$86,786

Housing Units

1,279

Renter Percentage

16.5%

Occupancy Rate

87.3%

Renter Occupied

184

Housing Authorities Serving ZIP 52214

Cedar Rapids Housing Services (Cedar Rapids, IA) - 1,320 Section 8 vouchers

Central City, Iowa, represented by ZIP code 52214, is a thriving community with a mix of residential and commercial properties. The area offers a stable environment for both landlords and small-portfolio investors, supported by various economic indicators that reflect the local housing market's health.

The Fair Market Rent (FMR) for ZIP 52214 is set at $860 for the fiscal year 2024, indicating the average rental cost approved by HUD for the region.
The market rent, according to the latest Census American Community Survey (ACS), stands at $924, suggesting a slightly higher actual rental price compared to the FMR.
The median home value in Central City is $286,152, providing a benchmark for property values and potential investment returns.
Renters make up 16.5% of the population, showing a significant but not overwhelming share of tenants in the area.
The median household income is $86,786, which supports a steady demand for rental properties and suggests that residents can afford modest rent increases.

Investors should note the slight premium of market rents over the FMR, indicating a healthy local economy that can support rental prices above government standards. With a median home value of $286,152 and a median income of $86,786, there is a strong financial foundation for maintaining property values and ensuring a consistent tenant base. The relatively low percentage of renters (16.5%) implies a competitive yet manageable market for landlords. Overall, Central City presents a balanced opportunity for real estate investments, particularly in rental properties, with room for growth without excessive risk.

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.