Location: Iowa County, IA | Metro: Iowa City, IA HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 52236, located in Iowa, has a median household income of $87,958. This figure provides insight into the financial capacity of residents to afford housing. However, the absence of specific market rate data for this area makes it challenging to assess the overall rental affordability comprehensively.
Despite the lack of market rate data, we can evaluate the situation using the Fair Market Rent (FMR) standard set at $1080 for the fiscal year 2024. Given the median income, households could potentially cover this FMR amount, which represents the average monthly rent for a two-bedroom apartment. The FMR serves as a benchmark for Section 8 voucher payments, ensuring that low-income families can find suitable housing without bearing an excessive burden.
The ZIP code has a very low percentage of renters at 0.0%, indicating that homeownership is predominant in the area. With a total population of 564, this suggests a limited pool of potential tenants, particularly those relying on vouchers. The low renter percentage means there is less competition among landlords for tenants who might use vouchers, as most residents are likely homeowners.
In the context of affordability, the gap between the median income and the FMR highlights that while some residents might be able to afford higher rents, others may rely heavily on assistance programs such as Section 8 vouchers. Landlords considering their tenant strategy should recognize that cash-paying tenants might be more abundant due to the high median income, but the voucher program remains a viable option given the FMR standard.
Takeaway for landlords: In ZIP 52236, focusing on cash-paying tenants could yield better returns, given the high median income and low renter percentage. However, participating in the Section 8 voucher program ensures a steady stream of tenants willing to pay up to $1080 per month, aligning well with the FMR standards and providing stability in a market with limited rental demand.
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.