Metro FMR area · IA · HUD FY 2027

Waterloo-Cedar Falls, IA Fair Market Rent

HUD’s FY 2027 Fair Market Rent for a 2-bedroom in the Waterloo-Cedar Falls, IA area is $1,096 a month, 2% below the Iowa average and 38% below the U.S. average of $1,761. ZIP-level Small Area FMRs for its 37 ZIP codes range from $950 to $1,310.

$1,0962-bedroom FMR+$45 (+4.3%) vs FY 2026
$8381-bedroom FMRU.S.: $1,478
$43,840Income for a 2-bedroomat 30% of income
143,433Residents2 counties

Can you afford the Fair Market Rent here?

Uses the common 30%-of-gross-income guideline. Results update as you type and stay in your browser.

Household income ($ per year, before tax)

Default: the income a 2-bedroom here needs at 30%.

Unit size

Rent you can afford at 30% of income$1,096/month

2-bedroom Fair Market Rent and the income it needs
Area	Fair Market Rent	Income needed	Share of your income
Waterloo-Cedar Falls, IA FMR	$1,096	$43,840	–
Iowa average	$1,113	$44,509	–
U.S. average	$1,761	$70,432	–

Waterloo-Cedar Falls, IA Fair Market Rents, FY 2027 vs FY 2026
Unit	Waterloo-Cedar Falls, IA FY 2027	FY 2026	Change	Iowa avg	U.S. avg	Income needed
Studio	$763	$725	+$38 (+5.2%)	$846	$1,379	$30,520
1 bedroom	$838	$801	+$37 (+4.6%)	$902	$1,478	$33,520
2 bedrooms	$1,096	$1,051	+$45 (+4.3%)	$1,113	$1,761	$43,840
3 bedrooms	$1,401	$1,357	+$44 (+3.2%)	$1,475	$2,266	$56,040
4 bedrooms	$1,832	$1,763	+$69 (+3.9%)	$1,649	$2,607	$73,280

Counties in this FMR area

Counties in the Waterloo-Cedar Falls, IA FMR area
County	Residents in area
Black Hawk County, IA	131,049
Grundy County, IA	12,384

Small Area FMRs by ZIP code

Small Area FMRs apply to Housing Choice Vouchers where HUD requires them or the housing authority opts in; otherwise the metro FMR above applies. The median ZIP’s 2-bedroom SAFMR is $970.

Filter ZIP codes

FY 2027 Small Area Fair Market Rents, Waterloo-Cedar Falls, IA
ZIP	Studio	1BR	2BR	3BR	4BR	2BR vs FY 2026	2BR vs area FMR
50148	$820	$840	$1,100	$1,440	$1,590	+$170 (+18.3%)	about the same as
50258	$690	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50269	$690	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50601	$690	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50604	$690	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50609	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50612	$740	$790	$1,030	$1,320	$1,590	+$20 (+2.0%)	6% below
50613	$910	$1,000	$1,310	$1,670	$2,190	+$100 (+8.3%)	20% above
50621	$660	$730	$950	$1,230	$1,590	+$20 (+2.2%)	13% below
50622	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50623	$700	$780	$1,010	$1,290	$1,690	+$10 (+1.0%)	8% below
50624	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50626	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50627	$700	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50629	$690	$730	$950	$1,260	$1,590	+$30 (+3.3%)	13% below
50634	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50638	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50642	$880	$960	$1,260	$1,610	$2,110	+$30 (+2.4%)	15% above
50643	$800	$880	$1,150	$1,470	$1,920	no change	5% above
50647	$810	$880	$1,150	$1,470	$1,710	+$50 (+4.5%)	5% above
50648	$750	$770	$1,000	$1,370	$1,640	+$20 (+2.0%)	9% below
50651	$710	$780	$1,020	$1,310	$1,680	+$70 (+7.4%)	7% below
50657	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50660	$770	$790	$1,040	$1,240	$1,590	+$40 (+4.0%)	5% below
50665	$710	$740	$970	$1,230	$1,590	no change	11% below
50667	$740	$800	$1,050	$1,360	$1,750	+$30 (+2.9%)	4% below
50668	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50669	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50672	$690	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50673	$710	$770	$1,000	$1,290	$1,680	−$110 (−9.9%)	9% below
50675	$740	$760	$990	$1,260	$1,590	no change	10% below
50680	$660	$730	$950	$1,230	$1,590	+$30 (+3.3%)	13% below
50701	$720	$790	$1,030	$1,320	$1,720	+$50 (+5.1%)	6% below
50702	$790	$870	$1,140	$1,460	$1,910	+$80 (+7.5%)	4% above
50703	$750	$830	$1,080	$1,380	$1,810	+$20 (+1.9%)	1% below
50704	$770	$850	$1,110	$1,420	$1,860	+$50 (+4.7%)	1% above
50707	$730	$800	$1,050	$1,340	$1,760	+$50 (+5.0%)	4% below

Sources

U.S. Department of Housing and Urban Development, HUD User Fair Market Rents: FY 2027 FMRs (file dated August 26, 2026) and FY 2026 FMRs (file dated April 21, 2026).
HUD User Small Area Fair Market Rents: FY 2027 SAFMRs (file dated August 31, 2026) and FY 2026 SAFMRs (file dated April 21, 2026).

Fair Market Rents are HUD’s estimate of gross rent (rent plus utilities) for a modest unit, set at the 40th percentile of recent-mover rents. FY 2027 is HUD’s fiscal year beginning October 1, 2026. Housing authorities set voucher payment standards from these figures; check yours.