Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $970 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,820 |
| 5 Bedrooms | $2,111 |
| 6 Bedrooms | $2,364 |
| 7 Bedrooms | $2,553 |
| 8 Bedrooms | $2,681 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 62028 suggests a balanced market for both homeowners and small-portfolio investors. With a median home value of $191,541, the area remains accessible for many buyers, but the absence of percentage data on listings that have been reduced indicates a stable pricing environment. This stability, combined with the unreported median days on market (DOM), points towards a market where sellers maintain significant pricing power due to consistent demand.
On the rental side, the Fair Market Rent (FMR) for ZIP 62028 is set at $900 for the fiscal year 2024. While the exact market rent is not provided, the FMR serves as a benchmark for affordability and can influence investment decisions. Landlords and small-portfolio investors should note that maintaining rents near or slightly above the FMR can ensure a steady stream of tenants without sacrificing profitability.
For long-term investors, the data implies a realistic scenario where appreciation is likely to be modest. The median home value, though relatively low, has not shown signs of rapid increase, which could indicate a mature market with limited upside potential. However, the stable pricing and the ability to command rents close to the FMR suggest that properties in ZIP 62028 will continue to offer solid returns through rental income rather than speculative gains.
The setup the data implies is one where careful management of rental properties and strategic pricing can lead to sustained success. Investors should focus on minimizing vacancy rates and maximizing occupancy periods to leverage the steady rental income. Additionally, maintaining properties to a high standard can help in retaining tenants and ensuring the property value remains competitive within the local market.
In conclusion, ZIP 62028 presents a market where homeownership is affordable, and landlords can expect stable conditions. The key for success lies in effective property management and understanding the nuances of both home values and rental benchmarks.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.