Location: Delaware County, IA | Metro: Buchanan County, IA
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 | $670 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,220 | $269,843 | 0.45% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 52330 stands at $86,536, which places it above the national average. However, when considering the market rate for rent, which is $660 according to the Census ACS, the situation becomes more nuanced. At first glance, a household earning the median income would seem capable of affording this rental cost. Yet, the reality is that the financial landscape is more complex.
The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, significantly higher than the current market rate. This discrepancy highlights a potential challenge for renters seeking housing assistance through vouchers. The voucher payment standard aligns with the $920 FMR, meaning that landlords who accept vouchers must be prepared to receive payments at this level, even though the current market rate is lower.
With 29.2% of the population being renters and a total population of 940, the demand for affordable housing is evident. The affordability gap between the median income and the voucher payment standard suggests that landlords might face stiff competition if they aim to attract voucher holders. Renters with vouchers will likely seek properties that are priced closer to the $920 FMR, leaving landlords who accept vouchers with limited options to increase their rents beyond the current market rate.
For landlords weighing the pros and cons of accepting vouchers versus relying on cash-paying tenants, the key takeaway is clear. While cash-paying tenants may offer a simpler leasing process, the allure of guaranteed rent payments at the FMR level could be beneficial. However, landlords should also consider the possibility of a more competitive market for voucher holders due to the higher payment standard compared to the current market rate. This means landlords might have to balance between attracting voucher holders and maintaining a competitive edge over other properties that cater to those without 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.