FY2027 Small Area FMR · Waterloo, IA

ZIP 50702 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 50702 (Waterloo, IA) is $1,140 a month, up 7.5% from FY2026. That is 4% above the Waterloo-Cedar Falls, IA area-wide FMR of $1,096.

2-bedroom SAFMR$1,140per month ▲ 7.5%

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

Rank in the area5thof 37 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,026

2 BR Small Area FMR$1,140

110% of SAFMR$1,254

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

Studio$790▲ 8.2%

1 BR$870▲ 7.4%

2 BR$1,140▲ 7.5%

3 BR$1,460▲ 6.6%

4 BR$1,910▲ 7.3%

FY2027 FY2026

Where 50702 sits in the Waterloo-Cedar Falls, IA area

Of the 37 ZIP codes HUD lists for the area, 50702 has the 5th 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 $1,140 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	$790	$711 – $869	$763	$730
1 bedroom	$870	$783 – $957	$838	$810
2 bedrooms	$1,140	$1,026 – $1,254	$1,096	$1,060
3 bedrooms	$1,460	$1,314 – $1,606	$1,401	$1,370
4 bedrooms	$1,910	$1,719 – $2,101	$1,832	$1,780

A household renting a two-bedroom home at the Small Area FMR of $1,140 needs about $45,600 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 50702 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
50707	Evansdale	2.7 mi	$1,050
50701	Waterloo	3.3 mi	$1,030
50667	Raymond	4.5 mi	$1,050
50634	Gilbertville	5.9 mi	$950
50703	Waterloo	6.1 mi	$1,080
50623	Dewar	6.5 mi	$1,010

Questions

What is the Fair Market Rent for ZIP code 50702?

HUD's FY2027 Small Area Fair Market Rents for 50702 are $790 (studio), $870 (1 BR), $1,140 (2 BR), $1,460 (3 BR) and $1,910 (4 BR) a month.

What is the Section 8 payment standard in 50702?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 50702 that range is $1,026 to $1,254 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 50702?

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.