Waterloo-Cedar Falls, IA · Iowa
Black Hawk County
130,693 residents367 permits TTM$64,581 median HHI12 ZIP codesUpdated April 28, 2026
Investor first look
Median home value
$182,400
ACS 5-Year
Cap rate proxy
6.3%
FMR × 0.65 ÷ Home Value
Rent-to-income
17.9%
HUD FMR ÷ ACS HHI
Net migration
+0.96%
IRS SOI
Permits (TTM)
367
Census BPS
Climate risk
76.6
FEMA NRI (0–100)
ZIP code breakdown12 ZIP codes
| ZIP | Median home value | Rent (FMR 2BR) | Gross yield | Cap rate | Rent gap |
|---|---|---|---|---|---|
| 50703 | — | — | — | 11.6% | — |
| 50707 | — | — | — | 7.6% | — |
| 50702 | — | — | — | 7.5% | — |
| 50623 | — | — | — | 6.3% | — |
| 50634 | — | — | — | 6.3% | — |
Ranked by composite score
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Demographics
Owner-occupied
65.3%
Census ACS
Vacancy rate
8.5%
Census ACS
Bachelor's degree +
30.1%
Census ACS
Rent burdened
45.8%
Census ACS (>30% income)
Median age
35.7
Census ACS
U.S. Census Bureau — American Community Survey 5-Year Estimates
U.S. Census Bureau — Building Permits Survey
U.S. Department of Housing and Urban Development — Fair Market Rents / Small Area Fair Market Rents (SAFMR)
Internal Revenue Service — Statistics of Income Migration Data
FEMA — National Risk Index
Last updated: April 28, 2026