FY2027 Small Area FMR · Janesville, IA

ZIP 50647 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 50647 (Janesville, IA) is $1,150 a month, up 4.5% from FY2026. That is 5% above the Waterloo-Cedar Falls, IA area-wide FMR of $1,096.

2-bedroom SAFMR$1,150per month ▲ 4.5%

Area-wide 2 BR FMR$1,096Waterloo-Cedar Falls, IA

Rank in the area3rdof 37 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,035

2 BR Small Area FMR$1,150

110% of SAFMR$1,265

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$810▲ 6.6%

1 BR$880▲ 4.8%

2 BR$1,150▲ 4.5%

3 BR$1,470▲ 2.1%

4 BR$1,710▲ 3.0%

FY2027 FY2026

Where 50647 sits in the Waterloo-Cedar Falls, IA area

Of the 37 ZIP codes HUD lists for the area, 50647 has the 3rd highest two-bedroom Small Area FMR. Waterloo-Cedar Falls, IA is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $1,096 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,150 for this ZIP code instead.

ZIP code 50647 crosses more than one HUD area. HUD also lists it under Bremer County, IA (same figures). The figure that applies depends on which side of the line the home is.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$810	$729 – $891	$763	$760
1 bedroom	$880	$792 – $968	$838	$840
2 bedrooms	$1,150	$1,035 – $1,265	$1,096	$1,100
3 bedrooms	$1,470	$1,323 – $1,617	$1,401	$1,440
4 bedrooms	$1,710	$1,539 – $1,881	$1,832	$1,660

A household renting a two-bedroom home at the Small Area FMR of $1,150 needs about $46,000 a year to keep housing costs at 30% of income. The area median family income is $91,000 and the 80% low-income limit for four people is $75,300. ZIP code 50647 lies mainly in Bremer County and Black Hawk County. See the Waterloo-Cedar Falls, IA metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
50670	Shell Rock	6.9 mi	$1,080
50660	New Hartford	8.3 mi	$1,040
50613	Cedar Falls	8.3 mi	$1,310
50622	Denver	8.4 mi	$950
50677	Waverly	8.8 mi	$1,100
50703	Waterloo	12.8 mi	$1,080

Questions

What is the Fair Market Rent for ZIP code 50647?

HUD's FY2027 Small Area Fair Market Rents for 50647 are $810 (studio), $880 (1 BR), $1,150 (2 BR), $1,470 (3 BR) and $1,710 (4 BR) a month.

What is the Section 8 payment standard in 50647?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 50647 that range is $1,035 to $1,265 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 50647?

The FY2026 income limits of the Waterloo-Cedar Falls, IA area apply: median family income $91,000, low-income (80%) limit $75,300 for a family of four.