Rental Benchmark Overview
2-Bedroom Benchmark Rent
$1,368$16,416 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Mills County, IA
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Mills 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 | $1,090 | $13,080 | $43,600 | $20.96/hr |
| 1-Bedroom Apartment | $1,148 | $13,776 | $45,920 | $22.08/hr |
| 2-Bedroom ApartmentStandard Benchmark | $1,368 | $16,416 | $54,720 | $26.31/hr |
| 3-Bedroom Home | $1,813 | $21,756 | $72,520 | $34.87/hr |
| 4-Bedroom Home | $2,046 | $24,552 | $81,840 | $39.35/hr |
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Frequently Asked Questions About Rent in Mills County, IA
What is the Fair Market Rent for a 2-bedroom in Mills County, IA?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Mills County, IA is $1,368 per month ($16,416 per year).
What hourly wage is needed to afford rent in Mills County, IA?
To comfortably afford a 2-bedroom apartment at $1,368/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $26.31 per hour ($54,720/year).
What are the HUD Fair Market Rents by bedroom count in Mills County, IA?
Official 2026 HUD rents in Mills County, IA are: Studio: $1,090/mo, 1-Bedroom: $1,148/mo, 2-Bedroom: $1,368/mo, 3-Bedroom: $1,813/mo, and 4-Bedroom: $2,046/mo.
How do HUD Fair Market Rents compare to local incomes in Mills County, IA?
At the local Census ACS median household income of $90,753/year ($7,563/month), the benchmark 2-bedroom Fair Market Rent represents 18.1% of monthly income.
How is the 30% housing affordability standard calculated in Mills County, IA?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $1,368/month, the required minimum annual gross income is calculated as ($1,368 × 12) ÷ 0.30 = $54,720 per year.