Rental Benchmark Overview
2-Bedroom Benchmark Rent
$919$11,028 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Hancock County, IA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Hancock 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 | $682 | $8,184 | $27,280 | $13.12/hr |
| 1-Bedroom Apartment | $745 | $8,940 | $29,800 | $14.33/hr |
| 2-Bedroom ApartmentStandard Benchmark | $919 | $11,028 | $36,760 | $17.67/hr |
| 3-Bedroom Home | $1,170 | $14,040 | $46,800 | $22.50/hr |
| 4-Bedroom Home | $1,542 | $18,504 | $61,680 | $29.65/hr |
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Frequently Asked Questions About Rent in Hancock County, IA
What is the Fair Market Rent for a 2-bedroom in Hancock County, IA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Hancock County, IA is $919 per month ($11,028 per year).
What hourly wage is needed to afford rent in Hancock County, IA?
To comfortably afford a 2-bedroom apartment at $919/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $17.67 per hour ($36,760/year).
What are the HUD Fair Market Rents by bedroom count in Hancock County, IA?
Official 2026 HUD rents in Hancock County, IA are: Studio: $682/mo, 1-Bedroom: $745/mo, 2-Bedroom: $919/mo, 3-Bedroom: $1,170/mo, and 4-Bedroom: $1,542/mo.
How do HUD Fair Market Rents compare to local incomes in Hancock County, IA?
At the local Census ACS median household income of $70,601/year ($5,883/month), the benchmark 2-bedroom Fair Market Rent represents 15.6% of monthly income.
How is the 30% housing affordability standard calculated in Hancock County, IA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $919/month, the required minimum annual gross income is calculated as ($919 × 12) ÷ 0.30 = $36,760 per year.