Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 62240 is situated in an area that is predominantly homeowner-dominated rather than renter-heavy. With only 12.1% of the population renting, there is limited demand for Section 8 vouchers. This contrasts sharply with areas where rental housing is more prevalent, leading to higher voucher utilization.
The median household income in ZIP 62240 stands at $96,063, which is relatively high compared to many other regions. The typical market rent for the area is $1,063, consuming approximately 1.1% of the median income. This indicates that rent is a minor expense relative to the overall income level, suggesting that most residents can afford market-rate rents without assistance.
Furthermore, the Fair Market Rent (FMR) for the area is set at $1,250 for FY 2024, which is slightly above the current market rent. This suggests that the rental market in 62240 is somewhat below the federally determined fair market rate, indicating a potentially competitive environment for landlords.
A landlord in ZIP 62240 should expect tenants who are likely to be employed and earning close to the median income. These tenants would generally be able to pay market rates without relying heavily on voucher programs. However, those seeking to attract Section 8 tenants will find a smaller pool, and it's important to note that the voucher amount may cover less than the FMR, making it necessary to adjust rents accordingly to attract these tenants.
To summarize, ZIP 62240 is not an ideal location for landlords focusing solely on Section 8 tenants due to the low percentage of renters and the relatively high median income. Landlords should prepare for a tenant base that can afford market-rate rents, though some may still seek out subsidized housing options.
Data Sources: FMR data from HUD (2027). 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.