FY2027 Small Area FMR · Waterloo, IA

ZIP 50704 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 50704 (Waterloo, IA) is $1,110 a month, up 4.7% from FY2026. That is 1% above the Waterloo-Cedar Falls, IA area-wide FMR of $1,096.

2-bedroom SAFMR$1,110per month ▲ 4.7%

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

Rank in the area6thof 37 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$999

2 BR Small Area FMR$1,110

110% of SAFMR$1,221

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

Studio$770▲ 5.5%

1 BR$850▲ 4.9%

2 BR$1,110▲ 4.7%

3 BR$1,420▲ 3.6%

4 BR$1,860▲ 4.5%

FY2027 FY2026

Where 50704 sits in the Waterloo-Cedar Falls, IA area

Of the 37 ZIP codes HUD lists for the area, 50704 has the 6th 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 $1,110 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	$770	$693 – $847	$763	$730
1 bedroom	$850	$765 – $935	$838	$810
2 bedrooms	$1,110	$999 – $1,221	$1,096	$1,060
3 bedrooms	$1,420	$1,278 – $1,562	$1,401	$1,370
4 bedrooms	$1,860	$1,674 – $2,046	$1,832	$1,780

A household renting a two-bedroom home at the Small Area FMR of $1,110 needs about $44,400 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 50704 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	0.6 mi	$1,140
50707	Evansdale	2.6 mi	$1,050
50701	Waterloo	3.9 mi	$1,030
50667	Raymond	4.2 mi	$1,050
50703	Waterloo	5.5 mi	$1,080
50623	Dewar	5.9 mi	$1,010

Questions

What is the Fair Market Rent for ZIP code 50704?

HUD's FY2027 Small Area Fair Market Rents for 50704 are $770 (studio), $850 (1 BR), $1,110 (2 BR), $1,420 (3 BR) and $1,860 (4 BR) a month.

What is the Section 8 payment standard in 50704?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 50704 that range is $999 to $1,221 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 50704?

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.