Location: Wayne County, IA | Metro: Appanoose 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 | $690 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $930 | $104,856 | 0.89% | C |
| 3BR | $1,220 | $154,099 | 0.79% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 52590, Seymour, Iowa, can be broken down into several key components. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code for fiscal year 2026 is set at $920. However, the local market rent, based on Census ACS data, averages around $647.
A Section 8 voucher is designed to cover the difference between the tenant's portion of the rent and the total rent required by the landlord. For a two-bedroom unit, the tenant is expected to pay approximately 30% of their adjusted income towards rent. If we assume an average adjusted income of $1,800 per month, the tenant would contribute about $540 towards the rent.
The remaining amount is supposed to be covered by the voucher program. In ZIP 52590, the voucher will reimburse the landlord up to the SAFMR of $920. Therefore, if the market rent is $647, the voucher would cover the difference between the tenant’s contribution and the market rent. This means the voucher would provide $107 above the market rent, ensuring the landlord receives the full $647 plus the additional $107 from the voucher, totaling $754.
It's important to note that utility allowances also factor into the equation. These allowances vary but typically add an extra $100-$150 to the monthly reimbursement. For simplicity, let's use an allowance of $125. This brings the total monthly reimbursement to $879 when the utility allowance is included.
In summary, for a two-bedroom apartment in ZIP 52590, the typical reimbursement gap or surplus is a surplus of $232, considering the local market rent is $647 and the total reimbursement including utilities is $879. Landlords should ensure they understand the specifics of the voucher program and the local market conditions to maximize their benefits while providing affordable housing options.
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.