Location: Delaware County, IA | Metro: Jones County, 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 | $700 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,630 |
| 5 Bedrooms | $1,891 |
| 6 Bedrooms | $2,118 |
| 7 Bedrooms | $2,287 |
| 8 Bedrooms | $2,401 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $195,389 | 0.5% | F |
| 3BR | $1,310 | $272,472 | 0.48% | F |
| 4BR | $1,630 | $381,062 | 0.43% | F |
U.S. Census Bureau data (2024)
The median household income in ZIP code 52237, which encompasses Hopkinton, Iowa, stands at $84,063 according to recent Census ACS data. This financial stability provides a backdrop against which to assess rental affordability. The market rate for rent in the area is pegged at $416, making it accessible for most residents. However, when juxtaposed with the Fair Market Rent (FMR) standard set at $860 for the fiscal year 2024, the disparity becomes apparent. This higher FMR reflects the federal government's assessment of what constitutes a reasonable rent level for households receiving housing assistance through vouchers.
The affordability gap is significant given that only 12.1% of the 1,830 population are renters. This low percentage indicates a limited pool of potential tenants, which could intensify competition among landlords. As a result, landlords must carefully consider their pricing and tenant selection strategies to remain competitive and ensure steady occupancy rates.
For landlords pondering between accepting Section 8 vouchers or relying on cash-paying tenants, the decision hinges on several factors. While cash-paying tenants might offer higher rents closer to the market rate, the guaranteed payments and reduced vacancy risks associated with vouchers can provide a stable income stream. Given the FMR of $860 is nearly double the current market rate, landlords who accept vouchers can benefit from a consistent source of revenue without significantly undercutting their own pricing.
Takeaway: Landlords in ZIP 52237 should be prepared for a competitive rental market due to the low percentage of renters. Accepting Section 8 vouchers offers a balance between securing stable income and maintaining competitive rent levels. The FMR standard allows for reasonable profitability while ensuring that the property remains affordable for those seeking housing assistance.
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.