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 | $1,030 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,940 |
| 5 Bedrooms | $2,250 |
| 6 Bedrooms | $2,520 |
| 7 Bedrooms | $2,722 |
| 8 Bedrooms | $2,858 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,310 | $146,237 | 0.9% | C |
| 3BR | $1,680 | $198,645 | 0.85% | C |
| 4BR | $1,940 | $272,028 | 0.71% | D |
| 5BR | $2,250 | $359,889 | 0.63% | D |
U.S. Census Bureau data (2024)
ZIP code 62223 in Illinois is situated within the St. Louis, MO-IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,120. This compares closely to the broader market rent of $1,164, indicating that the rental prices are slightly above the FMR but still relatively aligned. The median home value in 62223 stands at $176,919, which is lower than the average home values found in other parts of the St. Louis metropolitan area.
The renter share in 62223 is 23.6%, which is notably higher than the average for the St. Louis, MO-IL HUD Metro FMR Area. A higher proportion of renters combined with below-average home values can suggest a concentration of rental properties that might be attractive to tenants receiving housing assistance, such as those under Section 8. This combination often points to a value pocket within the larger metropolitan context, where landlords can find opportunities to offer affordable rentals that meet the needs of subsidized housing programs.
To further contextualize 62223's position, it's important to note that while its FMR and market rent are similar to the metro-wide averages, the lower home values indicate a potentially less expensive property acquisition cost for investors looking to enter the rental market. This makes it an interesting option for small-portfolio investors who are seeking to maximize their investment potential within the constraints of the HUD guidelines.
In summary, ZIP code 62223 appears to be a value pocket within the St. Louis, MO-IL HUD Metro FMR Area. It offers rental prices that are just above the FMR threshold, a significant renter population, and home values that are below the metro average. These factors collectively make it a strategic location for landlords and small-portfolio investors interested in the Section 8 housing market.
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.