Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 62031 is situated in a small, rural community with a total population of 517 residents. This area has a modest rental market, with only 10.2% of the population being renters. The median household income in this region stands at $84,375, indicating a relatively affluent community. However, the median home value is notably lower at $172,803, suggesting that homeownership is more affordable here compared to the national average.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 62031 as of fiscal year 2024 is set at $900. It's important to note that there is currently no data available for the market rent, which might indicate a limited supply of rental properties or a lack of recent transactions. This discrepancy between FMR and the absence of market rent data could be an indicator of the unique dynamics within this ZIP code's rental market.
Given these conditions, ZIP 62031 appears to be more suitable for a hands-off voucher operator rather than a hands-on value-add buyer. The low percentage of renters and the limited data on market rents suggest a stable but potentially stagnant rental market. For a hands-off operator, the predictability offered by Section 8 vouchers can provide a reliable source of income without the need for active property management or significant renovations. On the other hand, a value-add buyer seeking to increase property value through improvements might find fewer opportunities due to the small size of the rental market and the overall economic profile of the area.
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.