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 | $1,070 |
| 1 Bedroom | $1,110 |
| 2 Bedrooms | $1,360 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,750 | $277,597 | 0.63% | D |
| 4BR | $2,010 | $386,296 | 0.52% | F |
U.S. Census Bureau data (2024)
ZIP code 62243, with a population of 6,418, has a rental market that represents 14.0% of its residents. This indicates that it is not a renter-heavy area; rather, it is a homeowner-dominated region where the presence of housing vouchers might be less common. The median household income stands at $103,342, which places it in a relatively high-income bracket for the area.
The typical market rent in this ZIP is $1,079 per month. Given the median household income, this means that the average rent consumes approximately 12.5% of the local income. This percentage is calculated by dividing the monthly rent ($1,079) by the annual income ($103,342), then multiplying by 100 to get the percentage. This ratio suggests that tenants in this ZIP can afford higher rents without significant financial strain.
The Fair Market Rent (FMR) for the area, as determined by the U.S. Department of Housing and Urban Development for FY 2024, is set at $1,240. This figure is higher than the current market rent, indicating that landlords have some flexibility to increase their asking prices if they choose to do so. However, it also means that tenants relying solely on Section 8 vouchers may struggle to find units that accept the full voucher amount, as many landlords may prefer to charge closer to the FMR.
In summary, landlords in ZIP 62243 should expect a tenant pool that is largely self-sufficient and capable of paying market rates without assistance. While there are renters, the overall demand for housing vouchers is likely to be lower due to the higher median income. Tenants here are likely to be financially stable and able to cover a substantial portion of their rent independently, even if they do qualify for assistance through Section 8 vouchers.
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.