Location: Keokuk County, IA | Metro: Washington 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 | $740 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,300 |
| 5 Bedrooms | $1,508 |
| 6 Bedrooms | $1,689 |
| 7 Bedrooms | $1,824 |
| 8 Bedrooms | $1,915 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $980 | $128,154 | 0.76% | D |
| 3BR | $1,170 | $177,500 | 0.66% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 52585, Richland, Iowa, is set at $860 per month for fiscal year 2024. This figure represents the payment standard used by the Housing Choice Voucher Program, commonly known as Section 8. It is important to note that this is not the amount your tenants will pay; it is the maximum amount that the government will reimburse you for rent.
In comparison, the average rent in Richland, based on Census American Community Survey (ACS) data, is approximately $819 per month. This indicates that the FMR is slightly above the market rate, which can be beneficial for landlords as it ensures a steady income stream that is close to or even higher than what you would typically receive from a non-voucher tenant.
The demand for rental properties in Richland is robust, with 22.3% of the population being renters. This high percentage suggests there is a significant pool of potential tenants who might benefit from the Section 8 program, making it a viable option for landlords looking to fill vacancies.
When considering the acquisition cost of a property in Richland, the median home value is around $146,299. This figure provides a benchmark for the typical investment required to purchase a property in the area. For a Section 8 rental, the acquisition cost remains the same, but the reimbursement rates help ensure that you receive a stable income that covers your expenses and more.
Before committing to a Section 8 rental, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary for occupancy. Failure to meet these criteria can result in non-payment or termination of the contract. Therefore, conducting a thorough inspection and any necessary repairs to comply with HQS is a critical step in the process.
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.