FY2027 Small Area FMR · Onawa, IA

ZIP 51040 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 51040 (Onawa, IA) is $1,030 a month, up 4.0% from FY2026. That is 11% above the Monona County, IA area-wide FMR of $927.

2-bedroom SAFMR$1,030per month ▲ 4.0%

Area-wide 2 BR FMR$927Monona County, IA

Rank in the area9thof 15 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$760▲ 4.1%

1 BR$790▲ 5.3%

2 BR$1,030▲ 4.0%

3 BR$1,290▲ 4.9%

4 BR$1,720▲ 3.6%

FY2027 FY2026

Where 51040 sits in the Monona County, IA area

Of the 15 ZIP codes HUD lists for the area, 51040 has the 9th highest two-bedroom Small Area FMR. Monona County, 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 $927 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	$760	$684 – $836	$688	$730
1 bedroom	$790	$711 – $869	$709	$750
2 bedrooms	$1,030	$927 – $1,133	$927	$990
3 bedrooms	$1,290	$1,161 – $1,419	$1,162	$1,230
4 bedrooms	$1,720	$1,548 – $1,892	$1,549	$1,660

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 $89,300 and the 80% low-income limit for four people is $75,300. ZIP code 51040 lies mainly in Monona County. See the Monona County, IA county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
51063	Whiting	8.2 mi	$1,040
51523	Blencoe	8.4 mi	$1,020
51010	Castana	9.7 mi	$930
68020	Decatur	10.1 mi	$1,010
51051	Rodney	13.3 mi	$1,030
51545	Little Sioux	13.5 mi	$1,050

Questions

What is the Fair Market Rent for ZIP code 51040?

HUD's FY2027 Small Area Fair Market Rents for 51040 are $760 (studio), $790 (1 BR), $1,030 (2 BR), $1,290 (3 BR) and $1,720 (4 BR) a month.

What is the Section 8 payment standard in 51040?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 51040 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 51040?

The FY2026 income limits of the Monona County, IA area apply: median family income $89,300, low-income (80%) limit $75,300 for a family of four.