FY2027 Small Area FMR · Neola, IA

ZIP 51559 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 51559 (Neola, IA) is $1,180 a month, up 2.6% from FY2026. That is 19% below the Omaha-Council Bluffs, NE-IA area-wide FMR of $1,450.

2-bedroom SAFMR$1,180per month ▲ 2.6%

Area-wide 2 BR FMR$1,450Omaha-Council Bluffs, NE-IA

Rank in the area91stof 134 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$1,062

2 BR Small Area FMR$1,180

110% of SAFMR$1,298

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

Studio$950▲ 3.3%

1 BR$990▲ 2.1%

2 BR$1,180▲ 2.6%

3 BR$1,570▲ 3.3%

4 BR$1,770▲ 2.9%

FY2027 FY2026

Where 51559 sits in the Omaha-Council Bluffs, NE-IA area

Of the 134 ZIP codes HUD lists for the area, 51559 has the 91st 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 $1,062 and $1,298 for two bedrooms.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$950	$855 – $1,045	$1,167	$920
1 bedroom	$990	$891 – $1,089	$1,219	$970
2 bedrooms	$1,180	$1,062 – $1,298	$1,450	$1,150
3 bedrooms	$1,570	$1,413 – $1,727	$1,924	$1,520
4 bedrooms	$1,770	$1,593 – $1,947	$2,179	$1,720

A household renting a two-bedroom home at the Small Area FMR of $1,180 needs about $47,200 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 51559 lies mainly in Pottawattamie County and Harrison County. See the Omaha-Council Bluffs, NE-IA metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
51553	Minden	6.1 mi	$1,010
51576	Underwood	6.7 mi	$1,170
51563	Persia	7.9 mi	$1,250
51548	Mc Clelland	10.3 mi	$1,200
51570	Shelby	10.4 mi	$1,010
51542	Honey Creek	10.6 mi	$1,090

Questions

What is the Fair Market Rent for ZIP code 51559?

HUD's FY2027 Small Area Fair Market Rents for 51559 are $950 (studio), $990 (1 BR), $1,180 (2 BR), $1,570 (3 BR) and $1,770 (4 BR) a month.

What is the Section 8 payment standard in 51559?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 51559 that range is $1,062 to $1,298 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 51559?

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.