FY2027 Small Area FMR · Peterson, IA
ZIP 51047 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 51047 (Peterson, IA) is $1,040 a month, down 2.8% from FY2026. That is 1% above the Buena Vista County, IA area-wide FMR of $1,031.
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 51047 sits in the Buena Vista County, IA area
Of the 17 ZIP codes HUD lists for the area, 51047 has the 9th highest two-bedroom Small Area FMR. Buena Vista 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 $1,031 for two bedrooms; an agency that opts in to Small Area FMRs would use $1,040 for this ZIP code instead.
ZIP code 51047 crosses more than one HUD area. HUD also lists it under Cherokee County, IA (same figures), Clay County, IA (same figures) and O'Brien County, IA (same figures). The figure that applies depends on which side of the line the home is.
All unit sizes
| Unit | FY2027 SAFMR | Payment standard range | Area-wide FMR | FY2026 SAFMR |
|---|---|---|---|---|
| Studio | $780 | $702 – $858 | $781 | $790 |
| 1 bedroom | $810 | $729 – $891 | $788 | $830 |
| 2 bedrooms | $1,040 | $936 – $1,144 | $1,031 | $1,070 |
| 3 bedrooms | $1,360 | $1,224 – $1,496 | $1,284 | $1,350 |
| 4 bedrooms | $1,390 | $1,251 – $1,529 | $1,355 | $1,450 |
A household renting a two-bedroom home at the Small Area FMR of $1,040 needs about $41,600 a year to keep housing costs at 30% of income. The area median family income is $96,900 and the 80% low-income limit for four people is $77,500. ZIP code 51047 lies mainly in Clay County, Buena Vista County and Cherokee County. See the Buena Vista County, IA county page for the full income limits table and the household check.
Nearby ZIP codes
Questions
What is the Fair Market Rent for ZIP code 51047?
HUD's FY2027 Small Area Fair Market Rents for 51047 are $780 (studio), $810 (1 BR), $1,040 (2 BR), $1,360 (3 BR) and $1,390 (4 BR) a month.
What is the Section 8 payment standard in 51047?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 51047 that range is $936 to $1,144 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 51047?
The FY2026 income limits of the Buena Vista County, IA area apply: median family income $96,900, low-income (80%) limit $77,500 for a family of four.