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 | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,230 | $101,876 | 1.21% | A |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 62058 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $940 per month for fiscal year 2024. This figure is specifically tailored for this ZIP code, reflecting local rental conditions accurately.
Local market rents, according to Census ACS data, average around $720 per month for a similar unit. This discrepancy between the SAFMR and the actual market rent presents an opportunity for landlords to understand the financial dynamics involved with Section 8 vouchers.
A Section 8 voucher covers a significant portion of the rent but not all of it. The voucher payment formula is based on the SAFMR minus 30% of the tenant's income, which is the amount the tenant must pay towards their rent. Additionally, there are utility allowances that vary but are typically around $100-$150 per month for a two-bedroom unit.
To illustrate, if a tenant’s income is $1,000 per month, they would be responsible for paying $300 toward the rent ($1,000 x 30%). The remaining $640 of the $940 SAFMR would come from the government, making the total reimbursement $740-$790 per month, depending on the utility allowance.
This reimbursement structure means that landlords in ZIP 62058 can expect to receive close to the market rent, even when it is below the SAFMR. In this case, where the market rent is $720, the typical reimbursement gap or surplus is minimal, as the voucher amount often exceeds the local market rates.
Thus, for a two-bedroom apartment, the landlord can expect a surplus of about $20-$70 per month, given the market rent of $720. This surplus allows landlords to maintain profitability while providing affordable housing options to tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.