Section 8 Fair Market Rent (FMR) for ZIP 62203 - 2027

Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area

Investment Score for ZIP 62203

A+

Monthly Rent (2BR)

$1,230

Median Price (2BR)

$48,376

1% Rule

2.54%

Annual Yield

30.51%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,230	$48,376	2.54%	A+
3BR	$1,580	$63,522	2.49%	A+

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

5,465

Median Household Income

$42,111

Housing Units

2,814

Renter Percentage

33.4%

Occupancy Rate

65.5%

Renter Occupied

616

When considering whether to invest in ZIP 62203 (East Saint Louis, IL) for Section 8 properties, follow this decision tree based on the provided data.

1) Does FMR $1,200 (zip FY 2024) clear debt service on a $43,988 property?

Yes, if the annual debt service is less than $14,400 ($1,200 x 12 months).

2) Is market rent $1,050 (Census ACS) above, at, or below FMR?

The market rent is below the FMR. At $1,050 per month, it is $150 less than the FMR of $1,200.

3) Are 33.4% renters + N/A-day days on market (DOM) enough demand?

It depends. With 33.4% of residents being renters, there is a significant portion of the population that could potentially benefit from Section 8 housing. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly properties might be rented out once listed. This uncertainty requires further investigation into local rental vacancy rates and landlord experiences.

If you can secure a property at a price where the $1,200 FMR covers the debt service and you are willing to accept a lower market rent, then ZIP 62203 could be a viable investment option. The high percentage of renters indicates a steady demand, but the absence of DOM data suggests caution in assessing the speed of tenant acquisition.

To summarize:

If your debt service is covered by the FMR and you are comfortable with a rent that is below the FMR, proceed with an investment.
If the market rent is significantly below the FMR and you cannot cover your debt service, do not invest.
If you need quick tenant turnover and DOM data is crucial for your decision-making process, seek additional information before making an investment.

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.