Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,490 | $285,876 | 0.52% | F |
| 4BR | $1,720 | $310,924 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 62046 has a population of 1,102 individuals, with 24.4% being renters. The median household income stands at $108,036, indicating a relatively affluent area. Given that the market rent is $954, it represents approximately 8.8% of the median household income, which is quite manageable for most residents.
Comparing the market rent of $954 to the Fair Market Rent (FMR) of $1180 for fiscal year 2024, we see that the actual rent is below the FMR, suggesting that the rental market in ZIP 62046 is somewhat competitive and potentially attractive for tenants seeking affordable housing options.
While the percentage of renters is not particularly high, the income levels suggest that there could still be a significant number of tenants eligible for Section 8 vouchers. However, due to the lower percentage of renters, the overall demand for Section 8 vouchers might not be as deep as in areas with higher renter populations.
A landlord in ZIP 62046 can expect a tenant profile that includes individuals and families who are likely to have stable incomes but may still require assistance through Section 8 vouchers. The relatively low rent-to-income ratio means that tenants receiving vouchers will likely have disposable income for maintenance and other living expenses, reducing the risk of financial strain on both parties.
To summarize, ZIP 62046 is not heavily dominated by renters, but the income levels support a reasonable expectation of Section 8 voucher usage. Landlords should anticipate tenants with stable financial backgrounds who can manage their housing costs effectively while benefiting from the voucher program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.