Location: Clinton 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 | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,210 | $136,693 | 0.89% | C |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 52323 are straightforward. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) is set at $860 per month for FY 2024. This figure is specific to this ZIP code, meaning it reflects the local rental market conditions more accurately than broader regional averages.
However, the local market rent for a two-bedroom unit is reported at $739 according to the Census ACS. This difference between the SAFMR and the actual market rent can impact a landlord's decision to participate in the Section 8 program.
When a tenant uses a Section 8 voucher, they typically pay 30% of their adjusted income towards rent. In ZIP 52323, if we assume an average adjusted income for a tenant that would result in a payment of around $220 (this varies based on individual income), then the remaining amount is subsidized by the housing authority up to the SAFMR limit. So, for a $860 SAFMR, the housing authority would cover the difference between the tenant's payment and the total rent, which is approximately $640.
In addition to the base rent subsidy, there are utility allowances. These vary but are generally modest. For simplicity, let’s say the utility allowance is $150 per month. This means the total reimbursement a landlord receives from the housing authority for a tenant using a Section 8 voucher is the sum of the base rent subsidy and the utility allowance, which comes to about $790 per month.
This leaves a landlord with a reimbursement gap or surplus when comparing the SAFMR and the market rent. Given the SAFMR of $860 and the local market rent of $739, landlords participating in Section 8 will see a surplus of $61 per month on average. This surplus can be seen as additional revenue since the reimbursement covers more than the typical market rate for a two-bedroom unit in this ZIP code.
To summarize, landlords in ZIP 52323 who accept Section 8 vouchers for a two-bedroom apartment can expect to receive a total of about $790 per month from the housing authority. With the local market rent being $739, this results in a typical surplus of $61 per month, making participation in the Section 8 program financially beneficial compared to renting at market rates without subsidies.
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.