FY2027 Small Area FMR · Waterloo, IA

ZIP 50701 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 50701 (Waterloo, IA) is $1,030 a month, up 5.1% from FY2026. That is 6% below the Waterloo-Cedar Falls, IA area-wide FMR of $1,096.

2-bedroom SAFMR$1,030per month ▲ 5.1%

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

Rank in the area12thof 37 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$927

2 BR Small Area FMR$1,030

110% of SAFMR$1,133

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

Studio$720▲ 5.9%

1 BR$790▲ 5.3%

2 BR$1,030▲ 5.1%

3 BR$1,320▲ 3.9%

4 BR$1,720▲ 4.9%

FY2027 FY2026

Where 50701 sits in the Waterloo-Cedar Falls, IA area

Of the 37 ZIP codes HUD lists for the area, 50701 has the 12th 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 $1,030 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$720	$648 – $792	$763	$680
1 bedroom	$790	$711 – $869	$838	$750
2 bedrooms	$1,030	$927 – $1,133	$1,096	$980
3 bedrooms	$1,320	$1,188 – $1,452	$1,401	$1,270
4 bedrooms	$1,720	$1,548 – $1,892	$1,832	$1,640

A household renting a two-bedroom home at the Small Area FMR of $1,030 needs about $41,200 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 50701 lies mainly in 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
50702	Waterloo	3.3 mi	$1,140
50707	Evansdale	4.9 mi	$1,050
50634	Gilbertville	6.4 mi	$950
50667	Raymond	6.8 mi	$1,050
50643	Hudson	7.6 mi	$1,150
50703	Waterloo	9.4 mi	$1,080

Questions

What is the Fair Market Rent for ZIP code 50701?

HUD's FY2027 Small Area Fair Market Rents for 50701 are $720 (studio), $790 (1 BR), $1,030 (2 BR), $1,320 (3 BR) and $1,720 (4 BR) a month.

What is the Section 8 payment standard in 50701?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 50701 that range is $927 to $1,133 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 50701?

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.