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 | $246,437 | 0.6% | D |
| 4BR | $1,720 | $328,044 | 0.52% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 62061 are governed by the SAFMR (Small Area Fair Market Rent) which is specifically tailored for this region. For a two-bedroom apartment in ZIP 62061, the SAFMR for FY 2024 is set at $1080. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a unit. However, it's important to understand that the actual reimbursement to landlords can be less due to the way the voucher system operates.
The local market rent, according to the Census ACS data, is $944 for a two-bedroom unit. This is the average rent that tenants without vouchers might pay in the area. When a tenant uses a Section 8 voucher, they are responsible for paying approximately 30% of their adjusted income towards rent. The voucher then covers the difference between the tenant's contribution and the SAFMR, up to the limit of $1080.
Let's break down the reimbursement process. If a tenant's portion of the rent is $300, the voucher would cover the remaining $780 to meet the SAFMR. In this scenario, the total reimbursement to the landlord would be $1080, which includes the tenant's payment plus the voucher subsidy. However, if the tenant's portion is higher, say $400, the voucher would only need to cover $680 to reach the SAFMR, resulting in a total reimbursement of $1080.
Utility allowances are also part of the equation. These allowances vary but typically do not exceed a certain amount per month. Landlords should note that while the voucher program aims to ensure affordability for low-income families, it does not provide additional funds beyond the SAFMR for utilities unless specified otherwise.
In ZIP 62061, the SAFMR is higher than the local market rent, indicating a potential surplus for landlords who participate in the Section 8 program. With a market rent of $944 and an SAFMR of $1080, landlords could expect a reimbursement that exceeds the average market rate by $136 per month. This surplus can be a significant benefit for landlords looking to stabilize income and manage properties in a low-income area.
To summarize, landlords in ZIP 62061 should expect a Section 8 voucher to reimburse them up to $1080 for a two-bedroom unit, which is above the current local market rent of $944. This creates a positive financial outlook for landlords participating in the program, with a monthly surplus of $136 on average.
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.