FMR is below market; voucher rent may lag private rents.
0.86
1 BR
1 BR- 50156
0.84ratio
FMR$800
Market$950
vs market-$150
FMR is below market; voucher rent may lag private rents.
0.84
2 BR
2 BR- 50156
0.95ratio
FMR$990
Market$1,040
vs market-$50
FMR is near market; voucher and private rents are aligned.
0.95
3 BR
3 BR- 50156
1.19ratio
FMR$1,370
Market$1,150
vs market+$220
FMR is above market; underwrite to market rent.
1.19
4 BR
4 BR- 50156
1.22ratio
FMR$1,480
Market$1,210
vs market+$270
FMR is above market; underwrite to market rent.
1.22
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Madrid, IA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Madrid, IA is $990 a month. That is down 2.9% from $1,020 in FY 2026. Madrid is in the Boone County, IA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. The median county two-bedroom FMR in Iowa is $927, so Madrid is 7% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Madrid, IA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$790
$790
0.0%
$711–$869
1BR
$800
$800
0.0%
$720–$880
2BR
$1,020
$990
−2.9%
$891–$1,089
3BR
$1,420
$1,370
−3.5%
$1,233–$1,507
4BR
$1,480
$1,480
0.0%
$1,332–$1,628
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Madrid, IA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$790
$800
$990
$1,370
$1,480
FY 2026
$790
$800
$1,020
$1,420
$1,480
FY 2025
$770
$830
$980
$1,330
$1,580
FY 2024
$720
$810
$970
$1,330
$1,510
FY 2023
$710
$720
$850
$1,210
$1,430
Questions about Madrid, IA rents
How much will Section 8 pay for a two-bedroom in Madrid, IA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $990, that basic range is $891 to $1,089 a month. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Madrid, IA in?
Madrid, IA is in the Boone County, IA HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.
How much did fair market rent change in Madrid, IA for FY 2027?
The two-bedroom FMR fell 2.9%, from $1,020 in FY 2026 to $990 in FY 2027. Since FY 2023 it has risen 16.5%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set