Location: Buchanan County, IA | Metro: Buchanan County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
The median 2-bedroom rent in Rowley, IA (ZIP 52329) is $770, significantly lower than the Fair Market Rent (FMR) of $1,030 for the metro area in fiscal year 2026. This represents a gap of $260, or approximately 36%, indicating that market rents are well below the FMR.
Given the 11.8% share of renters and a median home value of $254,663, it is clear that many residents rely on rental properties. However, the median income in Rowley is $57,500, which is higher than the average income of $29,586 but still relatively modest compared to the national average.
The cost of housing voucher tenants below open-market rates poses a significant challenge. Landlords accepting Section 8 vouchers will receive payments based on the FMR, which is $1,030. This is substantially above the current market rent of $770, potentially making these units more profitable despite the administrative overhead.
To summarize, the gap between FMR and market rent in ZIP 52329 makes it a strategic opportunity for landlords who can navigate the requirements of accepting Section 8 vouchers. This can result in higher yields compared to the open market, aligning with the broader economic context where median incomes and home values suggest a need for affordable housing solutions.
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.