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 | $840 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,070 | $200,985 | 0.53% | F |
| 3BR | $1,370 | $254,611 | 0.54% | F |
| 4BR | $1,580 | $335,871 | 0.47% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 62230 does not work favorably for landlords. The Fair Market Rent (FMR) set at $1180 for fiscal year 2024 significantly exceeds the average market rent of $787 as reported by the Census ACS. This disparity indicates that properties priced at the FMR level will likely struggle to attract tenants willing to pay above-market rates.
Acquisition of homes in this area remains affordable with a median home value of $258,515. However, the lack of available data on days on market (DOM) and the percentage of price cuts suggests that the housing market might be stable but lacks recent volatility metrics to gauge the ease of property acquisition accurately.
Tenant demand in ZIP 62230 is moderate given its population of 6,377 and a rental share of 17.9%. This means approximately 1,139 residents are actively seeking rental units. While this number represents a sizable tenant pool, it is important to consider the local economic conditions and employment opportunities to ensure consistent demand.
Overall, while the acquisition cost is reasonable, the mismatch between FMR and actual market rents poses a significant challenge. Landlords should carefully evaluate their pricing strategies and consider the local economic factors before investing in this market. Tenant demand exists but is not robust enough to justify rents at the FMR level without additional market research into local employment trends and economic stability.
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.