Boone County, IA: Fair Market Rent 2027 and Income Limits

Official HUD figures for landlords and renters, effective October 1, 2026 (rents) and May 1, 2026 (income limits).

$9672-bedroom FMR, FY2027

$7681-bedroom FMR, FY2027

$89,85080% income limit, family of 4 (FY2026)

$112,300Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Boone County is $967 a month, down 5.8% from $1,026 in FY2026. Boone County belongs to the Boone County, IA HUD Metro FMR Area FMR area, so the same figures apply across that area. FMRs are gross rents: rent plus all tenant-paid utilities except phone, cable and internet.

Fair market rent in Boone County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$763	$783	−2.6%	$687 – $839
1 bedroom	$768	$788	−2.5%	$692 – $844
2 bedrooms	$967	$1,026	−5.8%	$871 – $1,063
3 bedrooms	$1,339	$1,427	−6.2%	$1,206 – $1,472
4 bedrooms	$1,453	$1,500	−3.1%	$1,308 – $1,598

Source: HUD Fair Market Rents FY2027 (effective October 1, 2026) and FY2026 (revised file), details.

What can a landlord charge a Section 8 tenant here?

The FMR is not a cap on what you can ask on the open market. For a Housing Choice Voucher tenant, the local housing authority sets a payment standard, normally between 90% and 110% of the FMR (or of the ZIP-level Small Area FMR where those apply). For a two-bedroom unit in Boone County that is typically $871 to $1,063 including utilities. You can charge more than the payment standard if the rent passes the housing authority's rent-reasonableness test and, at move-in, the tenant's share stays within 40% of their adjusted monthly income. Ask the housing authority for its current payment standard schedule.

Can local renters afford the fair market rent?

$44,693median income of renter households

$845Median gross rent, all units

23%Rent-to-income ratio (median rent ÷ median renter income)

38%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $44,693 can afford about $1,117 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $967 is $150 (13.5%) less than that. To rent a two-bedroom at the FMR, a household needs $38,680 a year under the 30% rule, or $34,812 under the common landlord rule that income must be three times the rent.

Boone County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$845 ±$61
Median income of renter households	$44,693 ±$8,426
Renters paying 30% or more of income (cost-burdened)	37.6% ±6.5
Renters paying 50% or more (severely cost-burdened)	14.9% ±5.2
Renter households (where the share can be computed)	2,038

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$742	$845	+13.9%
Median renter household income	$37,171	$44,693	+20.2%
Renters paying 30%+ of income	35.8%	37.6%	+1.8 pts

Rent-to-income calculator: does an applicant qualify? → · Most affordable counties to rent in this state →

Source: U.S. Census Bureau, American Community Survey 5-Year Estimates 2020–2024 and 2015–2019 (tables B25064, B25119, B25070). ± = margin of error at 90% confidence. Dollar figures are not adjusted for inflation.

Small Area FMRs by ZIP code (FY2027)

In metro areas HUD also publishes ZIP-level Small Area Fair Market Rents. Housing authorities in designated areas must use them for voucher payment standards; others may opt in. Here the two-bedroom SAFMR ranges from $930 to $1,300 depending on the ZIP code.

All 21 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
50014	$1,010	$1,070	$1,210	$1,680	$2,010
50031	$730	$740	$930	$1,290	$1,390
50036	$770	$770	$970	$1,340	$1,460
50039	$880	$910	$1,090	$1,490	$1,520
50040	$720	$730	$930	$1,290	$1,400
50064	$710	$710	$930	$1,290	$1,450
50107	$790	$810	$1,060	$1,390	$1,660
50134	$880	$930	$1,040	$1,450	$1,750
50152	$790	$800	$990	$1,370	$1,480
50156	$790	$800	$990	$1,370	$1,480
50212	$730	$740	$930	$1,290	$1,390
50217	$710	$710	$930	$1,290	$1,440
50220	$900	$940	$1,120	$1,520	$1,570
50223	$730	$740	$930	$1,290	$1,390
50235	$830	$860	$1,120	$1,470	$1,750
50243	$1,060	$1,110	$1,300	$1,780	$1,940
50244	$780	$820	$930	$1,280	$1,520
50248	$880	$930	$1,040	$1,450	$1,750
50249	$710	$730	$930	$1,290	$1,390
50276	$830	$850	$1,040	$1,420	$1,500
50530	$710	$710	$930	$1,290	$1,550

Source: HUD FY2027 Small Area FMRs (effective October 1, 2026).

HUD income limits for Boone County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $112,300 (FY2025: $108,800, +3.2%). Small figures under each limit show the change from FY2025.

Household size	1 person	2 people	3 people	4 people	5 people	6 people	7 people	8 people
Extremely low income (30%)	$23,600 +3.1%	$27,000 +3.3%	$30,350 +3.2%	$33,700 +3.2%	$38,680 +2.7%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$39,350 +3.3%	$44,950 +3.2%	$50,550 +3.2%	$56,150 +3.2%	$60,650 +3.1%	$65,150 +3.2%	$69,650 +3.2%	$74,150 +3.2%
Low income (80%)	$62,900 +3.2%	$71,900 +3.2%	$80,900 +3.3%	$89,850 +3.2%	$97,050 +3.2%	$104,250 +3.2%	$111,450 +3.2%	$118,650 +3.2%

The 30% limit is HUD's “extremely low income” limit: the higher of 30% of median income or the federal poverty guideline, but never above the 50% limit. That is why it can rise faster than 30% of median for larger households. Tax-credit (LIHTC) properties use separate Multifamily Tax Subsidy Project limits.

Source: HUD Section 8 Income Limits FY2026 (effective May 1, 2026) and FY2025, details.