FMR Lookup › Iowa › Waterloo-Cedar Falls
Section 8 Fair Market Rent in Waterloo-Cedar Falls, IA (FY2027)
HUD's official FY2027 Fair Market Rents for the Waterloo-Cedar Falls, IA HUD Metro FMR Area, by bedroom count. These figures set the baseline for what the Housing Choice Voucher program pays landlords in this area.
| Unit size | FY2027 FMR | Payment standard range (90–110%) |
|---|---|---|
| Studio / efficiency | $763 | $687 – $839 |
| 1 bedroom | $838 | $754 – $922 |
| 2 bedrooms | $1,096 | $986 – $1,206 |
| 3 bedrooms | $1,401 | $1,261 – $1,541 |
| 4 bedrooms | $1,832 | $1,649 – $2,015 |
Source: HUD User — FY 2027 Fair Market Rents. FY2027 FMRs are effective October 1, 2026. FY2027 FMRs take effect October 1, 2026; until that date, the prior FY2026 schedule remains in effect. Retrieved 2026-09-07.
How this market compares
The 2-bedroom FMR here is $1,096 — 18% above the Iowa median of $927 across all 92 FMR areas in the state.
Counties and towns covered
The Waterloo-Cedar Falls, IA FMR area is a metro area covering: Black Hawk County, Grundy County. One FMR applies across the whole area — HUD does not publish separate figures per city or ZIP here (some large metros have Small Area FMRs by ZIP; check with the local housing authority).
What a landlord actually collects
FMR is the baseline, not the contract rent. The local housing authority sets a payment standard between 90% and 110% of FMR (the range in the table above), and your unit must pass a rent-reasonableness comparison against similar unassisted rentals nearby. The voucher then covers the gap between the tenant's share (roughly 30% of their income) and the approved rent.
Run the numbers for a deal in Waterloo-Cedar Falls: Section 8 vs market rent, DSCR, or cash-on-cash return.
Comparable Iowa markets by 2BR FMR
| FMR area | 1 BR | 2 BR | 3 BR |
|---|---|---|---|
| Jefferson County | $838 | $1,096 | $1,306 |
| Muscatine County | $867 | $1,093 | $1,315 |
| Dickinson County | $834 | $1,091 | $1,424 |
| Des Moines County | $844 | $1,104 | $1,444 |
| Wapello County | $823 | $1,076 | $1,409 |
| Davis County | $815 | $1,066 | $1,270 |
Informational only — not financial, legal, or lending advice. Confirm current payment standards with the housing authority serving Waterloo-Cedar Falls.