FY2027 Small Area FMR · Waterloo, IA
ZIP 50703 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 50703 (Waterloo, IA) is $1,080 a month, up 1.9% from FY2026. That is 1% below the Waterloo-Cedar Falls, IA area-wide FMR of $1,096.
Payment standard range, 2 bedrooms
Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.
FY2027 FY2026
Where 50703 sits in the Waterloo-Cedar Falls, IA area
Of the 37 ZIP codes HUD lists for the area, 50703 has the 8th 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 $1,080 for this ZIP code instead.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $750 | $675 – $825 | $763 | $730 |
| 1 bedroom | $830 | $747 – $913 | $838 | $810 |
| 2 bedrooms | $1,080 | $972 – $1,188 | $1,096 | $1,060 |
| 3 bedrooms | $1,380 | $1,242 – $1,518 | $1,401 | $1,370 |
| 4 bedrooms | $1,810 | $1,629 – $1,991 | $1,832 | $1,780 |
A household renting a two-bedroom home at the Small Area FMR of $1,080 needs about $43,200 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 50703 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
Questions
What is the Fair Market Rent for ZIP code 50703?
HUD's FY2027 Small Area Fair Market Rents for 50703 are $750 (studio), $830 (1 BR), $1,080 (2 BR), $1,380 (3 BR) and $1,810 (4 BR) a month.
What is the Section 8 payment standard in 50703?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 50703 that range is $972 to $1,188 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 50703?
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.