Location: Henry County, IA | Metro: Henry County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,230 |
| 5 Bedrooms | $1,427 |
| 6 Bedrooms | $1,598 |
| 7 Bedrooms | $1,726 |
| 8 Bedrooms | $1,812 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 52647 in the metro area for fiscal year 2026 is set at $920. This figure represents the payment standard for Section 8 vouchers, meaning that if a landlord participates in the program, they will receive up to $920 per month for renting a unit to a tenant with a voucher. It's important to note that this does not necessarily reflect the rent you can charge; it's the maximum amount the government will pay through the voucher.
To put this into perspective, the average rent for ZIP 52647, according to the latest Census American Community Survey (ACS), is $773. This suggests that the FMR for Section 8 is higher than the typical market rate, which could be beneficial for landlords who want to ensure a steady income stream without having to worry about vacancy rates or collecting rent directly from tenants.
In ZIP 52647, 53.5% of households are renters, indicating a strong demand for rental properties. This high percentage means that there is a substantial portion of the population looking for places to live, making it likely that you will find tenants for your property. However, because the FMR is higher than the local average rent, you should expect that tenants with Section 8 vouchers might be particularly interested in your property, given the financial assistance they receive.
The acquisition cost for properties in this area is noted as N/A, which means there isn't specific data available on the average purchase price. Despite this lack of data, you can still make an informed decision based on the rental income potential. With the FMR at $920, you can reasonably expect to cover your mortgage payments, maintenance costs, and other expenses associated with owning a rental property.
Before deciding to accept a Section 8 tenant, verify that your property meets the Housing Quality Standards (HQS) required by the program. This involves ensuring that the home is safe, decent, and sanitary, with no major health or safety hazards. Once you confirm that your property complies with these standards, you can proceed with confidence, knowing that you are providing a suitable living environment while also securing a reliable source of income.
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.