Location: Cedar Rapids, IA | Metro: Cedar Rapids, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,380 |
| 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)
In ZIP code 52219, the economics of Section 8 housing can be straightforward when understood correctly. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $860 for the fiscal year 2024. This rate is specific to this ZIP code, meaning it reflects the rental market conditions unique to 52219.
The local market rent for a two-bedroom unit in this area is currently unavailable, which makes direct comparison challenging. However, the SAFMR provides a baseline for understanding the rental landscape. For landlords participating in the Section 8 program, it's crucial to know exactly what they will receive once the tenant's portion and utility allowances are considered.
A Section 8 voucher payment consists of two primary components: the subsidy from the government and the tenant's contribution. Typically, the tenant is required to pay 30% of their adjusted income towards rent. Utility allowances are also part of the equation, though these vary based on the size of the unit and the region. In ZIP 52219, the utility allowance for a two-bedroom unit is not explicitly stated but would be included in the total reimbursement amount.
To illustrate, if the SAFMR is $860, and the tenant contributes 30% of their income, say $200, then the government would cover the remaining $660 plus any applicable utility allowance. Assuming an average utility allowance of around $150, the total reimbursement to the landlord would be approximately $810. This leaves a gap of $50 between the SAFMR and the reimbursement amount.
Thus, landlords in ZIP 52219 should expect a reimbursement of about $810 for a two-bedroom unit, resulting in a $50 shortfall compared to the SAFMR rate. This economic reality requires careful consideration of the overall costs and benefits of accepting Section 8 tenants.
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.