FY2027 Fair Market Rent · Iowa
Clay County Fair Market Rent & Income Limits
HUD's FY2027 Fair Market Rent for a two-bedroom home in Clay County, IA is $927 a month, up 0.9% from FY2026. The area median family income is $94,700, and a family of four counts as low income up to $75,750 a year.
Fair Market Rent by unit size
FY2027 FY2026
Fair Market Rents are gross rents: rent plus the cost of all utilities except phone, cable and internet.
Check your household
Enter your household size and total yearly income before taxes to see which HUD income category it falls in for Clay County, IA.
Low income (80% limit)
A household of 4 earning $73,750 is under the 80% limit of $75,750 for this area. At 30% of income it could pay about $1,844 a month for rent and utilities.
This is a quick comparison with HUD's published limits, not an eligibility decision. Programs count income in their own ways and many have waiting lists; the local housing agency or property decides.
Income limits in Clay County
HUD's FY2026 income limits for Clay County, IA are based on a median family income of $94,700. Programs such as Housing Choice Vouchers, public housing and HOME use the 30%, 50% and 80% columns; Low-Income Housing Tax Credit properties use the 50% and 60% Multifamily Tax Subsidy Project limits.
| People | Extremely low30% / poverty | Very low50% | 60% (LIHTC)MTSP | Low income80% |
|---|---|---|---|---|
| 1 | $19,900 | $33,150 | $39,780 | $53,050 |
| 2 | $22,750 | $37,900 | $45,480 | $60,600 |
| 3 | $27,320 | $42,650 | $51,180 | $68,200 |
| 4 | $33,000 | $47,350 | $56,820 | $75,750 |
| 5 | $38,680 | $51,150 | $61,380 | $81,850 |
| 6 | $44,360 | $54,950 | $65,940 | $87,900 |
| 7 | $50,040 | $58,750 | $70,500 | $93,950 |
| 8 | $55,720 | $62,550 | $75,060 | $100,000 |
HERA Special area. Tax-credit properties placed in service before 2009 may use HUD's higher HERA hold-harmless 60% limits here: $61,260 for four people, against the regular $56,820.
Rent history
Since FY2017 the two-bedroom FMR here has gone from $630 to $927, up 47.1% over ten years. HUD has published a two-bedroom FMR for this area since FY1983, when it was $302.
What it takes to afford the rent
To keep a two-bedroom rent of $927 at no more than 30% of income, the usual affordability rule, a household needs about $37,100 a year. That is 39% of the area median family income of $94,700, so a typical family can afford it with room to spare.
| Unit | FY2027 | FY2026 | FY2025 | Income to affordat 30% |
|---|---|---|---|---|
| Studio | $688 | $682 | $646 | $27,500 |
| 1 bedroom | $709 | $700 | $697 | $28,400 |
| 2 bedrooms | $927 | $919 | $877 | $37,100 |
| 3 bedrooms | $1,214 | $1,198 | $1,158 | $48,600 |
| 4 bedrooms | $1,218 | $1,217 | $1,163 | $48,700 |
How Clay County compares
Clay County is outside any metropolitan area, so HUD calculates a separate non-metro Fair Market Rent and income limits for the county itself.
Clay County has the 60th highest two-bedroom Fair Market Rent of the 99 counties in Iowa; the population-weighted average across Iowa is $1,113 and the nationwide average is $1,751.
Small Area FMRs by ZIP code
HUD also publishes Small Area Fair Market Rents for each ZIP code. In Clay County the two-bedroom figure ranges from $930 to $1,520 across 10 ZIP codes, against the area-wide $927. This area is not on HUD's list of mandatory Small Area FMR areas, so most agencies here use the area-wide FMR; an agency may still opt in to ZIP-level rents.
Questions
What is the Fair Market Rent in Clay County, IA for 2027?
For FY2027 (October 1, 2026 to September 30, 2027) HUD's Fair Market Rents in Clay County, IA are $688 for a studio, $709 for one bedroom, $927 for two bedrooms, $1,214 for three and $1,218 for four bedrooms, per month including utilities.
What is the area median income in Clay County, IA?
HUD's FY2026 median family income for the area is $94,700, down 4.9% from $99,600 in FY2025.
What is 80% of AMI in Clay County, IA for a family of 4?
The FY2026 low-income limit (80%) for a household of four is $75,750 a year. The very low-income limit (50%) is $47,350 and the extremely low-income limit is $33,000.
What is the 60% AMI limit for tax credit housing in Clay County, IA?
Under HUD's FY2026 Multifamily Tax Subsidy Project limits, the 60% limit is $39,780 for one person and $56,820 for four. Some older tax-credit properties here use higher HERA hold-harmless limits.
Is the Fair Market Rent the same as the Section 8 payment standard?
No. Housing agencies set their payment standard between 90% and 110% of the FMR (for a two-bedroom here: $834 to $1,020), and can ask HUD for exceptions. Check the payment standard with your local housing agency.