ZIP Code · IA

ZIP 50703

Part of Waterloo, IA

Pop. 17,952·Black Hawk County·50th most expensive ZIP in Iowa

Median rent (all units)

$880/mo

Year-over-Year

+5.6%

Month-over-Month

-0.2%

vs US Median

-$1,052

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 50703 · $880

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

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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 50703 is 0.2% below its high of $882 in August 2026, at $880 as of September 2026.

Past year vs. the rest of Iowa

Rent in ZIP 50703 changed +5.6% 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 ($50,060) is $1,252 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,060); a 3-bedroom is $1,370.

Rank in Waterloo

2nd cheapest of 3 ZIP codes in Waterloo.

From Zillow's monthly rent index (ZORI) for ZIP 50703. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$10,560/yr

At $880/mo median

Location

CityWaterloo

StateIA

CountyBlack Hawk County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (5.6% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+5.6% YoY, -0.2% MoM), not inventory.

Demographics

Who lives here

ZIP 50703 (Waterloo, IA) is majority owner-occupied, has a median income below the national average, 13.6% of residents hold a bachelor's degree or higher.

Population

17,952

Median income

$50,060

Median age

38.5

Renters

42.2%

Age distribution

23.9%

21.8%

23.6%

14.3%

16.3%

Under 1823.9%

18–3421.8%

35–5423.6%

55–6414.3%

65+16.3%

Gender

50.5%

49.5%

Male50.5%

Female49.5%

Race & ethnicity

59.6%

24.7%

White59.6%

Black24.7%

Hispanic11.1%

Asian1.8%

Other2.9%

Education (25+)

13.8%

37.9%

34.7%

13.6%

No HS diploma13.8%

HS diploma37.9%

Some college34.7%

Bachelor's+13.6%

Housing tenure

57.8%

42.2%

Owner57.8%

Renter42.2%

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

2023 vs 2026

How ZIP 50703 in Waterloo, IA has changed in 5 years

Rent

$771 → $880

up 14.1%

Income

$37,738 → $50,060

up 32.7%

Population

19,270 → 17,952

down 6.8%

Renter share

45.7% → 42.2%

-3.5 pts

Bachelor's+

12.1% → 13.6%

+1.5 pts

Median age

36.6 → 38.5

+1.9 yrs

Five years ago, renters in ZIP 50703 in Waterloo, IA paid around $771 a month. That figure now sits near $880, up 14.1% from the 2023 baseline. Household income in the area moved from $37,738 to $50,060 across the same window, up 32.7% versus 2021. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 50703 in Waterloo, IA losing about 1,318 residents over the five-year window, down 6.8% on net. The renter share has eased from 45.7% to 42.2%, with owner-occupied housing accounting for the remainder. Reading these numbers side by side helps frame whether current listings in ZIP 50703 in Waterloo, IA look reasonable against where the market sat half a decade ago.

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About renting in ZIP 50703

Last updated: October 17, 2026

ZIP code 50703 covers Waterloo, IA. The median rent here is $880/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 21% of local median household income ($50,060/yr), ZIP 50703 ranks as affordable compared to the national benchmark of 30%. Rents have increased 5.6% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 50703?

To keep rent at or below 30% of gross income, you would need to earn at least $35,000/year (about $17/hour full-time) to afford the median rent of $880/mo in ZIP 50703. The local median household income is $50,060/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 50703?

Rent in ZIP 50703 has risen 5.6% over the past year as of September 2026. It sits 0.2% below its high of $882 in August 2026.

How does ZIP 50703 compare to other ZIPs in Iowa?

ZIP 50703 is one of the more affordable among Iowa ZIP codes for rent, ranking #50 of 54 at $880/mo. Over the year to September 2026, rent in ZIP 50703 changed +5.6%, against a typical +4.3% across the 45 Iowa ZIP codes Zillow tracks.