HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Lee County, Iowa (FY 2026)
A two-bedroom in Lee County carries a FY 2026 Fair Market Rent of $962 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Lee keys off that figure.
2 bedroom FMR
$962
FY 2026, utilities included
Payment standard range
$866 to $1,058
90% to 110% of FMR
Income to afford 2BR
$38,480
per year, at 30% of income
Rank in Iowa
34th of 99
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Lee moves to $976. That's up 1%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Lee actually rent for?
Search any address in Lee for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $663 | $597 to $729 | $26,520 | $12.75/hr | +4.9% |
| 1 bedroom | $733 | $660 to $806 | $29,320 | $14.10/hr | +4.4% |
| 2 bedroom | $962 | $866 to $1,058 | $38,480 | $18.50/hr | +4.5% |
| 3 bedroom | $1,270 | $1,143 to $1,397 | $50,800 | $24.42/hr | +4.4% |
| 4 bedroom | $1,330 | $1,197 to $1,463 | $53,200 | $25.58/hr | +8.9% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $1,530 | $1,377 to $1,683 |
| 6 bedroom Estimate | $1,729 | $1,556 to $1,902 |
| 7 bedroom Estimate | $1,929 | $1,736 to $2,122 |
| 8 bedroom Estimate | $2,128 | $1,915 to $2,341 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Lee, that runs from $663 for a studio up to $1,330 for four bedrooms, all five rates in the table above.
Because Lee sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Argyle included.
Among Iowa's 99 counties, Lee ranks 34th for two-bedroom FMR. That's about 5% above the state median of $919 and about 6% below the national median county at $1,018. About 33,442 people live here, 22nd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $920 in 52625 (Donnellson) and $1,330 in 52658 (Wever), with the 11 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Lee somewhere between $866 and $1,058. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$962 a month is affordable, by HUD's 30% rule, on an income of roughly $38,480 a year. Put another way, $19 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($866) | HAP at 100% ($962) | HAP at 110% ($1,058) |
|---|---|---|---|---|
| $2,500 | $750 | $116 | $212 | $308 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 4% from FY 2025 ($921) to FY 2026 ($962). Since FY 2020 it's up 39% in total, about 5.7% a year. The Iowa median moved up 5% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $450 | $550 | $690 | $912 | $1,085 | — |
| FY 2021 | $474 | $564 | $718 | $957 | $1,149 | +4.1% |
| FY 2022 | $499 | $599 | $751 | $1,020 | $1,181 | +4.6% |
| FY 2023 | $554 | $641 | $828 | $1,119 | $1,188 | +10.3% |
| FY 2024 | $598 | $672 | $882 | $1,185 | $1,207 | +6.5% |
| FY 2025 | $632 | $702 | $921 | $1,216 | $1,221 | +4.4% |
| FY 2026 | $663 | $733 | $962 | $1,270 | $1,330 | +4.5% |
| FY 2027 | $680 | $746 | $976 | $1,295 | $1,448 | +1.5% |
Nearby counties
Questions people ask
$962 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $663 for a studio, $733 for one bedroom, $1,270 for three and $1,330 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Lee actually go for?
HUD's number is one input. Search any address in Lee for a rent estimate built from nearby comps. 3 free searches, no card.
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