Location: Iowa City, IA | Metro: Iowa City, IA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
ZIP code 52244, located within the Iowa City, IA HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1080 for fiscal year 2024. This figure is essential for understanding how it compares to other ZIP codes within the same metro area.
To analyze the position of ZIP 52244 within the Iowa City, IA HUD Metro FMR Area, we must consider the available data points. The FMR of $1080 is a key indicator but is limited without additional context on market rents and home values for comparison. However, since the market rent and home value for ZIP 52244 are listed as 'N/A', it suggests that there may be insufficient data or significant variance from the typical trends observed in the Iowa City area.
The absence of market rent and home value data implies that 52244 could potentially be a niche or unique sub-market within the larger metro area. If we assume that the FMR is indicative of the rental market's baseline, then $1080 might place 52244 either at the lower end or in the middle of the rental spectrum compared to other ZIP codes in Iowa City. The lack of a specified renter share percentage also limits our ability to make definitive statements about the prevalence of renters versus homeowners.
Based on the given FMR, ZIP 52244 could be considered a value pocket within the metro area. Value pockets typically have lower rents relative to the broader market, which can attract a diverse range of tenants including those who qualify for Section 8 assistance. While the exact comparison to other ZIP codes' FMRs is not provided, the $1080 figure suggests that it is affordable and could be an attractive location for landlords seeking to serve a budget-conscious tenant base.
Without comprehensive data on market rents and home values, it is challenging to definitively categorize 52244 as a mid-tier neighborhood or a premium sub-market. However, the low FMR combined with the unknown factors of market rent and home values, along with the unspecified renter share, points towards a potential sweet spot for Section 8 participants. Landlords should be cautious about relying solely on FMRs for investment decisions and seek out additional local market analysis to better understand the dynamics of this ZIP code.
Data Sources: FMR data from HUD (2027).
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.