Location: Keokuk County, IA | Metro: Iowa County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,380 |
| 5 Bedrooms | $1,601 |
| 6 Bedrooms | $1,793 |
| 7 Bedrooms | $1,936 |
| 8 Bedrooms | $2,033 |
U.S. Census Bureau data (2024)
The median income in ZIP code 52355 stands at $63,750. Given the lack of specific market rate rental data (denoted as N/A), it's crucial to consider the Federal Market Rent (FMR) standards set for the area, which are pegged at $950 per month for the fiscal year 2026.
A household earning the median income would find it challenging to afford the typical market rate without knowing the exact figure, but using the FMR as a benchmark, we can infer some trends. At $950 per month, the average rent constitutes approximately 18% of the median annual income. This percentage suggests that while renting at the FMR level is feasible, higher market rates could become problematic for many residents.
The ZIP code has a relatively low rental population of 8.8%, with a total population of 283. This indicates a limited pool of potential renters, which could lead to increased competition among landlords. The affordability gap means that landlords who accept Section 8 vouchers might have an advantage in securing tenants over those who rely solely on market-rate rents.
The takeaway for landlords considering their strategy should be focused on understanding the local tenant base. Accepting vouchers can ensure a steady stream of income, especially when the market rate remains uncertain and potentially out of reach for most households. However, landlords must weigh the benefits of voucher stability against the possibly lower rent amounts compared to cash-paying tenants who can afford the market rate. In ZIP 52355, the decision to prioritize voucher acceptance over cash pay could be pivotal in maintaining occupancy rates amidst a tight rental market.
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.