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Section 8 rent in Waterloo-Cedar Falls, IA

FY2025 HUD Small Area Fair Market Rents for the Waterloo-Cedar Falls, IA HUD Metro FMR Area, covering 37 ZIP codes.

$938Avg 2BR FMR / mo
$1,031Avg 2BR at 110% Standard
37ZIP Codes

Fair market rent by bedroom count

Base SAFMR across all ZIP codes in this market. Housing authorities may set payment standards between 90% and 110% of these rates.

BedroomsLowest ZIPAverageHighest ZIPAvg 110% Standard
Studio$600$662$820$728
1 Bedroom$670$715$910$787
2 Bedrooms$880$938$1,190$1,031
3 Bedrooms$1,130$1,217$1,550$1,339
4 Bedrooms$1,450$1,537$2,000$1,691

Small multifamily Section 8 income

Estimated gross monthly and annual rent for 2-to-4 unit properties, assuming every unit is rented to Section 8 at this market's average fair market rent. Small multifamily is a favorite for long-term buy-and-hold investors stacking stable voucher income across multiple doors.

Property TypeUnit MixGross Monthly RentGross Annual Rent
Duplex2 × 2BR$1,876$22,512
Triplex3 × 2BR$2,814$33,768
Fourplex4 × 2BR$3,752$45,024
Fourplex4 × 3BR$4,868$58,416

Gross scheduled rent before vacancy, maintenance and management. Run any Iowa multifamily listing through RealG to model it against real operating costs, or try the rental property calculator.

Highest-paying ZIP codes

Top 15 of 37 ZIP codes in this market, ranked by 2-bedroom SAFMR.

ZIP Code1BR2BR3BR4BR
50642 $910 $1,190 $1,550 $2,000
50613 $850 $1,120 $1,460 $1,880
50643 $840 $1,100 $1,440 $1,850
50647 $790 $1,030 $1,350 $1,560
50673 $780 $1,020 $1,330 $1,710
50703 $770 $1,010 $1,320 $1,700
50704 $760 $1,000 $1,310 $1,680
50702 $750 $980 $1,280 $1,650
50612 $740 $970 $1,230 $1,530
50667 $740 $970 $1,280 $1,570
50675 $730 $960 $1,160 $1,450
50623 $720 $950 $1,240 $1,600
50648 $730 $950 $1,260 $1,450
50707 $720 $940 $1,230 $1,580
50148 $710 $930 $1,220 $1,450

Quick cash flow check

Free Tool

Estimate monthly cash flow renting to Section 8 at this market's average fair market rent.

Section 8 rent (avg FMR)—
Est. mortgage payment (PITI)—
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30-year fixed. Taxes and insurance estimated at 1.5% and 0.5% of price per year. Before vacancy, maintenance and management. For a full itemized analysis, run this market in RealG.

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Frequently asked questions

How much does Section 8 pay for a 2-bedroom in Waterloo-Cedar Falls, IA?
For FY2025, the average 2-bedroom Small Area Fair Market Rent in the Waterloo-Cedar Falls, IA HUD Metro FMR Area is $938 per month, ranging from $880 to $1,190 depending on ZIP code. Local housing authorities may set payment standards between 90% and 110% of these rates, so the average 2-bedroom payment standard can reach $1,031.
What is a Small Area Fair Market Rent (SAFMR)?
SAFMRs are fair market rents that HUD publishes at the ZIP code level instead of one rate for a whole metro area. They reflect what modest rental housing actually costs in each ZIP, which means higher payment standards in more expensive neighborhoods. Housing choice voucher payments in this market are based on these rates.
Why do rents vary so much between ZIP codes here?
In Waterloo-Cedar Falls, IA, 2-bedroom SAFMRs run from $880 to $1,190 per month. HUD sets each ZIP's rate from local rent data, so neighborhoods with stronger rental markets get higher voucher payment standards. For investors, the spread matters: the same house price can produce very different Section 8 rents a few ZIP codes apart.
How do I find Section 8 investment properties in Iowa?
RealG searches live listings across Iowa, runs Section 8 numbers on every property using these HUD rates, and grades each deal A through D against your buying criteria. You can start free with no credit card and see graded deals in this market in minutes.

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