Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,026$12,312 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Boone County, IA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Boone County, IA
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $783 | $9,396 | $31,320 | $15.06/hr |
| 1-Bedroom Apartment | $788 | $9,456 | $31,520 | $15.15/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,026 | $12,312 | $41,040 | $19.73/hr |
| 3-Bedroom Home | $1,427 | $17,124 | $57,080 | $27.44/hr |
| 4-Bedroom Home | $1,500 | $18,000 | $60,000 | $28.85/hr |
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Frequently Asked Questions About Rent in Boone County, IA
What is the Fair Market Rent for a 2-bedroom in Boone County, IA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Boone County, IA is $1,026 per month ($12,312 per year).
What hourly wage is needed to afford rent in Boone County, IA?
To comfortably afford a 2-bedroom apartment at $1,026/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $19.73 per hour ($41,040/year).
What are the HUD Fair Market Rents by bedroom count in Boone County, IA?
Official 2026 HUD rents in Boone County, IA are: Studio: $783/mo, 1-Bedroom: $788/mo, 2-Bedroom: $1,026/mo, 3-Bedroom: $1,427/mo, and 4-Bedroom: $1,500/mo.
How do HUD Fair Market Rents compare to local incomes in Boone County, IA?
At the local Census ACS median household income of $83,531/year ($6,961/month), the benchmark 2-bedroom Fair Market Rent represents 14.7% of monthly income.
How is the 30% housing affordability standard calculated in Boone County, IA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,026/month, the required minimum annual gross income is calculated as ($1,026 × 12) ÷ 0.30 = $41,040 per year.