Not enough rental comps in this area to determine how FMR aligns with current market rates.
Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
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Mortgage rate
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Underwood, IA fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Underwood, IA is $1,170 a month. That is up 12.5% from $1,040 in FY 2026. Underwood is in the Omaha-Council Bluffs, NE-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 Underwood is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Underwood, IA
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$830
$940
+13.3%
$846–$1,034
1BR
$870
$980
+12.6%
$882–$1,078
2BR
$1,040
$1,170
+12.5%
$1,053–$1,287
3BR
$1,380
$1,550
+12.3%
$1,395–$1,705
4BR
$1,560
$1,760
+12.8%
$1,584–$1,936
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Underwood, IA
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$940
$980
$1,170
$1,550
$1,760
FY 2026
$830
$870
$1,040
$1,380
$1,560
FY 2025
$810
$880
$1,060
$1,410
$1,560
FY 2024
$730
$800
$980
$1,310
$1,450
FY 2023
$670
$740
$900
$1,200
$1,340
Questions about Underwood, IA rents
How much will Section 8 pay for a two-bedroom in Underwood, IA?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,170, that basic range is $1,053 to $1,287 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 Underwood, IA in?
Underwood, IA is in the Omaha-Council Bluffs, NE-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 Underwood, IA for FY 2027?
The two-bedroom FMR rose 12.5%, from $1,040 in FY 2026 to $1,170 in FY 2027. Since FY 2023 it has risen 30.0%.
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