FY2027 Small Area FMR · Lester, IA

ZIP 51242 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 51242 (Lester, IA) is $950 a month, up 1.1% from FY2026. That is 1% above the Lyon County, IA area-wide FMR of $945.

2-bedroom SAFMR$950per month ▲ 1.1%

Area-wide 2 BR FMR$945Lyon County, IA

Rank in the area6thof 14 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$855

2 BR Small Area FMR$950

110% of SAFMR$1,045

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

Studio$700■ 0.0%

1 BR$720▲ 1.4%

2 BR$950▲ 1.1%

3 BR$1,130▲ 0.9%

4 BR$1,240■ 0.0%

FY2027 FY2026

Where 51242 sits in the Lyon County, IA area

Of the 14 ZIP codes HUD lists for the area, 51242 has the 6th highest two-bedroom Small Area FMR. Lyon 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 $945 for two bedrooms; an agency that opts in to Small Area FMRs would use $950 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	$700	$630 – $770	$702	$700
1 bedroom	$720	$648 – $792	$722	$710
2 bedrooms	$950	$855 – $1,045	$945	$940
3 bedrooms	$1,130	$1,017 – $1,243	$1,126	$1,120
4 bedrooms	$1,240	$1,116 – $1,364	$1,242	$1,240

A household renting a two-bedroom home at the Small Area FMR of $950 needs about $38,000 a year to keep housing costs at 30% of income. The area median family income is $96,600 and the 80% low-income limit for four people is $77,300. ZIP code 51242 lies mainly in Lyon County. See the Lyon County, IA county page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
51230	Alvord	5.6 mi	$940
51241	Larchwood	6.4 mi	$960
56138	Hills	7.0 mi	$1,180
56173	Steen	7.3 mi	$1,290
51246	Rock Rapids	8.4 mi	$930
51240	Inwood	11.0 mi	$1,040

Questions

What is the Fair Market Rent for ZIP code 51242?

HUD's FY2027 Small Area Fair Market Rents for 51242 are $700 (studio), $720 (1 BR), $950 (2 BR), $1,130 (3 BR) and $1,240 (4 BR) a month.

What is the Section 8 payment standard in 51242?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 51242 that range is $855 to $1,045 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 51242?

The FY2026 income limits of the Lyon County, IA area apply: median family income $96,600, low-income (80%) limit $77,300 for a family of four.