Waterloo-Cedar Falls, IA
The numbers that matter most
What an investor checks first when sizing up a new metro — affordability ratio, rent vs income, cap rate proxy, and where the market is moving. Each metric shown vs. state and national medians for instant context.
affordable
Price to income
2.70×
The single most-cited 'is this market still cheap' check. Below 3× and you're in an affordability tailwind.
- vs Iowa
- 2.84×-0.14
- vs U.S.
- 3.43×-0.73
Benchmark
ACS median home value ÷ median HHI
comfortable
Rent to income
18.3%
What share of a typical household's income goes to rent. Below 30% means tenants can absorb modest rent increases.
- vs Iowa
- 18.6%-0.3
- vs U.S.
- 23.3%-5.0
Benchmark
(HUD FMR 2BR × 12) ÷ median HHI
deal-by-deal
Cap rate proxy
4.41%
Rough first-pass yield assuming a 35% expense ratio. Not an underwriting number — a 'is this even worth modeling' filter.
- vs Iowa
- 4.10%+0.30
- vs U.S.
- 4.35%+0.06
Benchmark
(FMR 2BR × 12 × 0.65) ÷ ACS median home value
shrinking
Net migration
-0.12%
Forward-looking demand signal. Positive net migration drives rent growth and absorbs new supply.
- vs Iowa
- -0.12%
- vs U.S.
- 0.03%
Benchmark
IRS net migration ÷ population
normal
Permit pipeline
2.53
permits per 1,000 residents
Forward-supply indicator. Above ~5 means the metro is building meaningfully relative to its size; below 2 means supply is tight.
- vs Iowa
- 3.85
- vs U.S.
- 3.52
Benchmark
Census BPS permits TTM ÷ population × 1,000
healthy
Unemployment
3.6%
Tighter unemployment means higher wages, more rental demand, lower vacancy.
- vs Iowa
- 3.4%
- vs U.S.
- 3.9%-0.3
Benchmark
BLS LAUS, latest month
Where prices are and where they've been
5-year price appreciation
+38.3%
homeValues.yearOverYear
+2.0%
Median home value
$186,100
The rent ladder
| Bedroom | Monthly | Annual | % of median HHI |
|---|---|---|---|
| 1 BR | $801 | $9,612 | 13.9% |
| 2 BR | $1,051 | $12,612 | 18.3% |
| 3 BR | $1,357 | $16,284 | 23.6% |
Labor market direction
Unemployment
3.6%
Median household income
$68,916
What's being built
Total TTM
426
+35.5% YoY
Single-family
222
2–4 unit
46
5+ unit
158
All 3 counties, ranked by population
| County | Population | Home value | Median HHI | Permits TTM | YoY |
|---|---|---|---|---|---|
| Black Hawk County | 131,041 | $182,400 | $64,581 | 367 | +32.0% |
| Bremer County | 25,012 | $207,200 | $83,343 | 47 | +74.1% |
| Grundy County | 12,351 | $180,500 | $83,617 | 12 | -7.7% |
Similar metros nationally
| Metro | Pop | Med HHI | P/I | Cap proxy | HPI 5y | Permits/1k | Unemp |
|---|---|---|---|---|---|---|---|
| ★Waterloo | 168,404 | $68,916 | 2.70× | 4.41% | +38.3% | 2.53 | 3.6% |
| Odessa, TX | 162,300 | $71,031 | — | — | +24.1% | — | 3.5% |
| Sebastian-Vero Beach, FL | 160,986 | $71,049 | — | — | +58.0% | — | 5.5% |
| Eau Claire, WI | 171,951 | $72,513 | — | — | +55.7% | — | 3.2% |
| Oshkosh-Neenah, WI | 171,197 | $72,873 | — | — | +63.8% | — | 2.7% |
| Abilene, TX | 176,656 | $66,464 | — | — | +53.1% | — | 3.1% |
Where people are moving in from
Net migration
-203
-0.12% of population
| Origin county | Tax returns |
|---|---|
| Black Hawk County, IA | 307 |
| Bremer County, IA | 186 |
| Butler County, IA | 157 |
| Polk County, IA | 142 |
| Linn County, IA | 133 |
| Buchanan County, IA | 107 |
Who lives in Waterloo
- Median age
- 37
- Bachelor's+
- 30.5%
- Owner-occupancy
- 68.9%
- Vacancy rate
- 8.4%
- Rent burdened (30%+)
- 43.7%
- Median household income
- $68,916
This page shows federally sourced data. A full editorial analysis with charts and investment commentary is in progress.