Story 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).

$1,0612-bedroom FMR, FY2027

$9441-bedroom FMR, FY2027

$97,90080% income limit, family of 4 (FY2026)

$122,400Median family income (FY2026)

The FY2027 Fair Market Rent for a two-bedroom unit in Story County is $1,061 a month, down 8.0% from $1,153 in FY2026. Story County belongs to the Ames, 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 Story County by bedroom count

Unit size	FY2027 FMR	FY2026 FMR	Change	Payment standard range (90–110%)
Studio	$891	$972	−8.3%	$802 – $980
1 bedroom	$944	$1,026	−8.0%	$850 – $1,038
2 bedrooms	$1,061	$1,153	−8.0%	$955 – $1,167
3 bedrooms	$1,469	$1,601	−8.2%	$1,323 – $1,615
4 bedrooms	$1,768	$1,934	−8.6%	$1,592 – $1,944

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 Story County that is typically $955 to $1,167 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?

$42,674median income of renter households

$1,018Median gross rent, all units

29%Rent-to-income ratio (median rent ÷ median renter income)

49%of renter households pay 30% or more of income on rent

At the 30% rule, a renter household earning the local median of $42,674 can afford about $1,067 a month including utilities. The FY2027 two-bedroom Fair Market Rent of $1,061 is $6 (0.5%) less than that. To rent a two-bedroom at the FMR, a household needs $42,440 a year under the 30% rule, or $38,196 under the common landlord rule that income must be three times the rent.

Story County, ACS 2020–2024	Estimate ± MOE
Median gross rent (rent + utilities)	$1,018 ±$35
Median income of renter households	$42,674 ±$2,844
Renters paying 30% or more of income (cost-burdened)	48.6% ±3.8
Renters paying 50% or more (severely cost-burdened)	27.3% ±3.1
Renter households (where the share can be computed)	16,652

Change since 2015–2019

	ACS 2015–2019	ACS 2020–2024	Change
Median gross rent	$905	$1,018	+12.5%
Median renter household income	$29,980	$42,674	+42.3%
Renters paying 30%+ of income	54.6%	48.6%	−6.0 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 $1,350 depending on the ZIP code.

All 26 ZIP codes in this FMR area

ZIP	0 BR	1 BR	2 BR	3 BR	4 BR
50010	$910	$960	$1,080	$1,500	$1,800
50011	$890	$940	$1,060	$1,470	$1,770
50012	$990	$1,040	$1,180	$1,640	$1,960
50013	$1,000	$1,060	$1,200	$1,670	$1,990
50014	$1,010	$1,070	$1,210	$1,680	$2,010
50046	$960	$1,020	$1,160	$1,590	$1,860
50055	$880	$930	$1,040	$1,450	$1,750
50056	$880	$930	$1,040	$1,450	$1,750
50105	$880	$930	$1,040	$1,450	$1,750
50122	$880	$930	$1,040	$1,450	$1,750
50124	$1,140	$1,200	$1,350	$1,870	$2,250
50134	$880	$930	$1,040	$1,450	$1,750
50154	$880	$930	$1,040	$1,450	$1,750
50156	$790	$800	$990	$1,370	$1,480
50161	$830	$880	$1,000	$1,380	$1,610
50201	$880	$930	$1,040	$1,450	$1,750
50206	$880	$930	$1,040	$1,450	$1,750
50226	$750	$790	$930	$1,270	$1,300
50230	$880	$930	$1,040	$1,450	$1,750
50236	$940	$1,000	$1,120	$1,550	$1,870
50239	$880	$930	$1,040	$1,450	$1,750
50243	$1,060	$1,110	$1,300	$1,780	$1,940
50244	$780	$820	$930	$1,280	$1,520
50247	$880	$930	$1,040	$1,450	$1,750
50248	$880	$930	$1,040	$1,450	$1,750
50278	$880	$930	$1,040	$1,450	$1,750

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

HUD income limits for Story County (FY2026)

Income limits decide who qualifies for Section 8 vouchers, public housing and most HUD-assisted units. The area median family income is $122,400 (FY2025: $123,900, −1.2%). 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%)	$25,700 −1.3%	$29,400 −1.2%	$33,050 −1.2%	$36,700 −1.2%	$39,650 −1.2%	$44,360 +2.8%	$50,040 +2.9%	$55,720 +2.9%
Very low income (50%)	$42,850 −1.3%	$49,000 −1.2%	$55,100 −1.3%	$61,200 −1.2%	$66,100 −1.3%	$71,000 −1.3%	$75,900 −1.2%	$80,800 −1.2%
Low income (80%)	$68,550 −1.2%	$78,350 −1.2%	$88,150 −1.2%	$97,900 −1.2%	$105,750 −1.2%	$113,600 −1.2%	$121,400 −1.2%	$129,250 −1.2%

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.