FMR is near market; voucher and private rents are aligned.
1.00
2 BR
2 BR
1.05ratio
FMR$1,360
Market$1,300
vs market+$60
FMR is near market; voucher and private rents are aligned.
1.05
3 BR
3 BR
1.03ratio
FMR$1,856
Market$1,800
vs market+$56
FMR is near market; voucher and private rents are aligned.
1.03
4 BR
4 BR
0.92ratio
FMR$1,901
Market$2,060
vs market-$159
FMR is near market; voucher and private rents are aligned.
0.92
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
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ZIP 50359 fair market rent, FY 2027
For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 50359 (Des Moines, IA) is $1,360 a month. That is up 3.2% from $1,318 in FY 2026. Des Moines 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. The median county two-bedroom FMR in Iowa is $927, so ZIP 50359 is 47% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 50359
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,063
$1,102
+3.7%
$992–$1,212
1BR
$1,109
$1,145
+3.2%
$1,031–$1,260
2BR
$1,318
$1,360
+3.2%
$1,224–$1,496
3BR
$1,794
$1,856
+3.5%
$1,670–$2,042
4BR
$1,841
$1,901
+3.3%
$1,711–$2,091
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 50359
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,102
$1,145
$1,360
$1,856
$1,901
FY 2026
$1,063
$1,109
$1,318
$1,794
$1,841
FY 2025
$954
$1,017
$1,216
$1,632
$1,638
FY 2024
$833
$899
$1,080
$1,477
$1,481
FY 2023
$791
$889
$1,074
$1,473
$1,499
Questions about ZIP 50359 rents
How much will Section 8 pay for a two-bedroom in ZIP 50359?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,360, that basic range is $1,224 to $1,496 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 50359 in?
ZIP 50359 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 50359 for FY 2027?
The two-bedroom FMR rose 3.2%, from $1,318 in FY 2026 to $1,360 in FY 2027. Since FY 2023 it has risen 26.6%.
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 Fair Market Rents. 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