51301 Spencer, IA Fair Market Rent

What the FMR for ZIP 51301 actually means

HUD publishes Small Area Fair Market Rents at the ZIP code level for designated metros. ZIP 51301 (Spencer, IA) is covered by Dickinson County, IA, so FY 2026 figures here are ZIP-specific: $730 for a 1-bedroom, studio $720, 2-bedroom $960, 3-bedroom $1,200, and 4-bedroom $1,270. These are 40th-percentile gross rents (utilities except telephone), not live asking rents. Housing Choice Voucher payment standards are typically set between 90% and 110% of the applicable FMR/SAFMR.

Because this page uses SAFMR, nearby ZIPs in Clay can show different bedroom figures. Against the national benchmark the 1-bedroom SAFMR here is 24% below the US average of $959, and 7% below the IA state average of $788.

For budgeting, the 30% affordability rule says rent should not exceed 30% of gross household income. At the FY 2026 1-bedroom FMR of $730, that implies a household income of $29,200 per year (about $2,433/month) to avoid being cost-burdened, a 2-bedroom at $960 lifts that threshold higher still. ZIP 51301 has a population of 12,691 residents, so the gap between these FMR figures and local wages shapes how many households qualify as rent-burdened (paying more than 30% of income) or severely burdened (above 50%).