ZIP Code · IA

ZIP 50702

Part of Waterloo, IA

Pop. 20,882·Black Hawk County·51st most expensive ZIP in Iowa

Median rent (all units)

$861/mo

Year-over-Year

+5.3%

Month-over-Month

+0.7%

vs US Median

-$1,071

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 50702 · $861

More affordable than 99% of US ZIP codes · National median $1,932/mo

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Compare your rent to the local median.

Medians by bedroom

Rent by unit size

Studio

$730

1 BR

$810

2 BR

$1,060

3 BR

$1,370

4 BR+

$1,780

Research median

$1,060/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 50702 is at its highest level since Zillow's records here began in June 2022.

Past year vs. the rest of Iowa

Rent in ZIP 50702 changed +5.3% over the year to September 2026. Across the 45 Iowa ZIP codes Zillow tracks, the typical change was +4.3%.

Recent direction

Rent rose in 9 of the last 12 months.

What a typical income covers

30% of the median household income ($62,021) is $1,551 a month. That covers HUD's Fair Market Rent for up to a 3-bedroom ($1,370); a 4-bedroom is $1,780.

Rank in Waterloo

1st cheapest of 3 ZIP codes in Waterloo.

From Zillow's monthly rent index (ZORI) for ZIP 50702. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,332/yr

At $861/mo median

Location

CityWaterloo

StateIA

CountyBlack Hawk County

Rent Market Meter

Strong Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are up 5.3% year-over-year. Expect competition, and move quickly to lock in terms.

Based on rent-price momentum (+5.3% YoY, +0.7% MoM), not inventory.

Demographics

Who lives here

ZIP 50702 (Waterloo, IA) is majority owner-occupied, has a median income below the national average, 21.5% of residents hold a bachelor's degree or higher.

Population

20,882

Median income

$62,021

Median age

36.1

Renters

38.8%

Age distribution

24.9%

23.6%

23.8%

12.3%

15.3%

Under 1824.9%

18–3423.6%

35–5423.8%

55–6412.3%

65+15.3%

Gender

49.1%

50.9%

Male49.1%

Female50.9%

Race & ethnicity

68.8%

12.4%

White68.8%

Black12.4%

Hispanic9.2%

Asian3.2%

Other6.4%

Education (25+)

12.1%

35.4%

31%

21.5%

No HS diploma12.1%

HS diploma35.4%

Some college31%

Bachelor's+21.5%

Housing tenure

61.2%

38.8%

Owner61.2%

Renter38.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2023 vs 2026

How ZIP 50702 in Waterloo, IA has changed in 5 years

Rent

$713 → $861

up 20.8%

Income

$55,026 → $62,021

up 12.7%

Population

20,270 → 20,882

up 3.0%

Renter share

38.4% → 38.8%

+0.4 pts

Bachelor's+

21.4% → 21.5%

+0.1 pts

Median age

36.6 → 36.1

-0.5 yrs

The median rent in ZIP 50702 in Waterloo, IA stood at $713 in 2023 and currently runs about $861, reflecting a 20.8% increase over the period. Median household income rose from $55,026 to $62,021 between 2021 and 2024, a 12.7% shift. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 3.0% since 2021, moving from about 20,270 residents to roughly 20,882. Taken together, the five-year picture in ZIP 50702 in Waterloo, IA reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 50702

Last updated: October 17, 2026

ZIP code 50702 covers Waterloo, IA. The median rent here is $861/mo as of October 2026. A 1-bedroom rents for a median of $810/mo. A 2-bedroom rents for a median of $1,060/mo.

At 17% of local median household income ($62,021/yr), ZIP 50702 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.3% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 50702?

To keep rent at or below 30% of gross income, you would need to earn at least $34,000/year (about $16/hour full-time) to afford the median rent of $861/mo in ZIP 50702. The local median household income is $62,021/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 50702?

Rent in ZIP 50702 has risen 5.3% over the past year as of September 2026. That is the highest level since Zillow's records here began in June 2022.

How does ZIP 50702 compare to other ZIPs in Iowa?

ZIP 50702 is one of the more affordable among Iowa ZIP codes for rent, ranking #51 of 54 at $861/mo. Over the year to September 2026, rent in ZIP 50702 changed +5.3%, against a typical +4.3% across the 45 Iowa ZIP codes Zillow tracks.