Location: Clinton County, IA | Metro: Clinton County, IA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 52732, which encompasses Clinton, Iowa, in Clinton County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $940 per month for fiscal year 2026. This figure is specifically tailored for this ZIP code, reflecting the unique housing market conditions here.
In contrast, the local market rent for a two-bedroom unit, as measured by ZORI (Zillow Observed Rent Index), stands at $746. This indicates that the SAFMR is higher than the actual market rent, which can be advantageous for landlords who participate in the program.
A Section 8 voucher works by covering the difference between the tenant's contribution and the SAFMR. Tenants typically contribute 30% of their adjusted income towards rent. For simplicity, let’s assume a tenant contributes $200 towards the rent of a two-bedroom unit. In this scenario, the voucher would cover the remaining amount up to the SAFMR limit of $940. Therefore, the voucher would pay $740 ($940 - $200).
Utility allowances are also factored into the overall compensation. These allowances vary but are generally modest. Assuming a utility allowance of $100, the total monthly reimbursement to the landlord could be $840 ($740 for rent + $100 for utilities).
Given that the local market rent is $746, a landlord participating in the Section 8 program would receive a surplus. The surplus is calculated as the difference between the SAFMR-based reimbursement and the actual market rent. In this case, the surplus is $94 ($840 - $746).
To summarize, landlords in ZIP 52732 can expect a Section 8 voucher to cover the rent up to $940, with tenants contributing around 30% of their income, typically $200 in our simplified example. Including utility allowances, the reimbursement can reach $840, resulting in a surplus of $94 over the local market rent of $746. This surplus provides an additional incentive for landlords to accept Section 8 vouchers, ensuring stable and predictable rental 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.