50038

ZIPSAFMR

Dallas County, IA

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,020	$1,120	7.5%
1 BR	$1,060	$1,170	6.4%
2 BR	$1,260	$1,390	5.9%
3 BR	$1,720	$1,890	6.1%
4 BR	$1,760	$1,940	6.7%
5 BR	$2,024	Not available	6.7%
6 BR	$2,328	Not available	6.7%
7 BR	$2,677	Not available	6.7%
8 BR	$3,078	Not available	6.7%

Purchase Price Calculator

Maximum purchase price

$144,637

Cost breakdown

+Likely effective rent$1,390

HUD FMR$1,260

Market rent$1,630

Est. payment standard (110%)Used$1,390

-Principal and interest-$731

Loan amount$115,710

Down payment$28,927

Rate6.50%

Term30 years

-Operating costs-$459

Property taxes-$145

Insurance-$175

Utilities$0

HOA$0

Management-$139

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$22,467(77.7% ROI)

Projected value

$155,758

Return breakdown

Property appreciation+$11,121

Loan principal paid down+$4,146

Rental cash flow+$7,200

5-year hold

+$38,399(132.7% ROI)

Projected value

$163,643

Return breakdown

Property appreciation+$19,006

Loan principal paid down+$7,393

Rental cash flow+$12,000

10-year hold

+$82,126(283.9% ROI)

Projected value

$185,148

Return breakdown

Property appreciation+$40,511

Loan principal paid down+$17,615

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.81ratio

FMR$1,020

Market$1,260

vs market-$240

FMR is below market; voucher rent may lag private rents.

0.81

1 BR

0.77ratio

FMR$1,060

Market$1,370

vs market-$310

FMR is below market; voucher rent may lag private rents.

0.77

2 BR

0.77ratio

FMR$1,260

Market$1,630

vs market-$370

FMR is below market; voucher rent may lag private rents.

0.77

3 BR

0.83ratio

FMR$1,720

Market$2,080

vs market-$360

FMR is below market; voucher rent may lag private rents.

0.83

4 BR

0.69ratio

FMR$1,760

Market$2,560

vs market-$800

FMR is below market; voucher rent may lag private rents.

0.69

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: --

ZIP 50038 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 50038 (Booneville, IA) is $1,260 a month. That is up 5.0% from $1,200 in FY 2026. Booneville is in the Des Moines-West Des Moines, IA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 26 ZIP codes in Dallas County, 50038 has the 8th-highest two-bedroom rent (county range $930–$1,790). The median county two-bedroom FMR in Iowa is $927, so ZIP 50038 is 36% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 50038
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$970	$1,020	+5.2%	$918–$1,122
1BR	$1,010	$1,060	+5.0%	$954–$1,166
2BR	$1,200	$1,260	+5.0%	$1,134–$1,386
3BR	$1,630	$1,720	+5.5%	$1,548–$1,892
4BR	$1,680	$1,760	+4.8%	$1,584–$1,936

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 50038
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,020	$1,060	$1,260	$1,720	$1,760
FY 2026	$970	$1,010	$1,200	$1,630	$1,680
FY 2025	$860	$910	$1,100	$1,480	$1,480
FY 2024	$820	$880	$1,060	$1,440	$1,450
FY 2023	$840	$940	$1,140	$1,560	$1,590

Two-bedroom rent in nearby Dallas County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 50038
50003	$1,200	−4.8%
50038Current	$1,260	—
50039	$1,090	−13.5%
50061	$1,320	+4.8%
50063	$1,140	−9.5%
50066	$1,120	−11.1%
50069	$1,140	−9.5%
50070	$1,080	−14.3%
50072	$1,200	−4.8%
50109	$1,120	−11.1%
50111	$1,380	+9.5%
50128	$930	−26.2%

Questions about ZIP 50038 rents

How much will Section 8 pay for a two-bedroom in ZIP 50038?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,260, that basic range is $1,134 to $1,386 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 ZIP 50038 in?

ZIP 50038 is in the Des Moines-West Des Moines, 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 ZIP 50038 for FY 2027?

The two-bedroom FMR rose 5.0%, from $1,200 in FY 2026 to $1,260 in FY 2027. Since FY 2023 it has risen 10.5%.

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

County fair market rent Booneville, IA fair market rent IA statewide rents What is SAFMR?Data sources