FY2027 Small Area FMR · Elliott, IA
ZIP 51532 Fair Market Rent & Payment Standards
HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 51532 (Elliott, IA) is $1,010 a month, up 5.2% from FY2026. That is 30% below the Omaha-Council Bluffs, NE-IA area-wide FMR of $1,450.
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 51532 sits in the Omaha-Council Bluffs, NE-IA area
Of the 134 ZIP codes HUD lists for the area, 51532 has the 122nd highest two-bedroom Small Area FMR. Omaha-Council Bluffs, NE-IA is one of the 65 metro areas where HUD requires Small Area FMRs for the Housing Choice Voucher program (designated 2023), so local housing agencies must set payment standards from this ZIP code's figure, normally between $909 and $1,111 for two bedrooms.
ZIP code 51532 crosses more than one HUD area. HUD also lists it under Cass County, IA (same figures) and Montgomery 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 | $750 | $675 – $825 | $1,167 | $730 |
| 1 bedroom | $930 | $837 – $1,023 | $1,219 | $870 |
| 2 bedrooms | $1,010 | $909 – $1,111 | $1,450 | $960 |
| 3 bedrooms | $1,400 | $1,260 – $1,540 | $1,924 | $1,320 |
| 4 bedrooms | $1,520 | $1,368 – $1,672 | $2,179 | $1,410 |
A household renting a two-bedroom home at the Small Area FMR of $1,010 needs about $40,400 a year to keep housing costs at 30% of income. The area median family income is $114,000 and the 80% low-income limit for four people is $91,200. ZIP code 51532 lies mainly in Montgomery County, Pottawattamie County and Cass County. See the Omaha-Council Bluffs, NE-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 51532?
HUD's FY2027 Small Area Fair Market Rents for 51532 are $750 (studio), $930 (1 BR), $1,010 (2 BR), $1,400 (3 BR) and $1,520 (4 BR) a month.
What is the Section 8 payment standard in 51532?
Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 51532 that range is $909 to $1,111 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.
Which income limits apply in 51532?
The FY2026 income limits of the Omaha-Council Bluffs, NE-IA area apply: median family income $114,000, low-income (80%) limit $91,200 for a family of four.