Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,318$15,816 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Madison County, IA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Madison 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 | $1,063 | $12,756 | $42,520 | $20.44/hr |
| 1-Bedroom Apartment | $1,109 | $13,308 | $44,360 | $21.33/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,318 | $15,816 | $52,720 | $25.35/hr |
| 3-Bedroom Home | $1,794 | $21,528 | $71,760 | $34.50/hr |
| 4-Bedroom Home | $1,841 | $22,092 | $73,640 | $35.40/hr |
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Frequently Asked Questions About Rent in Madison County, IA
What is the Fair Market Rent for a 2-bedroom in Madison County, IA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Madison County, IA is $1,318 per month ($15,816 per year).
What hourly wage is needed to afford rent in Madison County, IA?
To comfortably afford a 2-bedroom apartment at $1,318/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $25.35 per hour ($52,720/year).
What are the HUD Fair Market Rents by bedroom count in Madison County, IA?
Official 2026 HUD rents in Madison County, IA are: Studio: $1,063/mo, 1-Bedroom: $1,109/mo, 2-Bedroom: $1,318/mo, 3-Bedroom: $1,794/mo, and 4-Bedroom: $1,841/mo.
How do HUD Fair Market Rents compare to local incomes in Madison County, IA?
At the local Census ACS median household income of $90,855/year ($7,571/month), the benchmark 2-bedroom Fair Market Rent represents 17.4% of monthly income.
How is the 30% housing affordability standard calculated in Madison County, IA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,318/month, the required minimum annual gross income is calculated as ($1,318 × 12) ÷ 0.30 = $52,720 per year.