Section 8 Fair Market Rent (FMR) for ZIP 62248 - 2027

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

Investment Score for ZIP 62248

N/A

Monthly Rent (2BR)

$1,000

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$790
1 Bedroom	$820
2 Bedrooms	$1,000
3 Bedrooms	$1,280
4 Bedrooms	$1,480
5 Bedrooms	$1,717
6 Bedrooms	$1,923
7 Bedrooms	$2,077
8 Bedrooms	$2,181

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,280	$228,502	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

521

Median Household Income

$79,583

Housing Units

230

Renter Percentage

24.2%

Occupancy Rate

90.0%

Renter Occupied

ZIP code 62248, located in Southern Illinois, offers a stable market environment for real estate investments, particularly for those interested in the Section 8 housing program and rental properties. The area benefits from a mix of residential and commercial spaces, providing a solid foundation for various investment strategies.

The Fair Market Rent (FMR) for ZIP 62248 in fiscal year 2024 is set at $900, which is the maximum amount that a Section 8 tenant can pay for their portion of the rent under the Housing Choice Voucher Program.
The average market rent in the area is $1,014, according to the latest Census American Community Survey (ACS), indicating a slight premium over the FMR for non-subsidized rentals.
The median home value in ZIP 62248 stands at $216,773, reflecting a moderate cost of living that is accessible to a broad range of potential buyers and renters.
Renters make up 24.2% of the housing stock, suggesting a reasonable demand for rental properties but also leaving room for growth in homeownership.
The median income in the area is $79,583, providing insight into the economic health and earning capacity of residents, which supports both rental and homeownership markets.
The Days on Market (DOM) figure is currently not available, which would have given us more specific information about how quickly properties are selling or renting in the area. However, based on other indicators, it's likely that the market is steady and transactions occur within a reasonable timeframe.

The combination of a moderate median home value and a slightly higher market rent compared to the FMR suggests that ZIP 62248 offers a balanced opportunity for both Section 8 and conventional rental investments. With a median income above the national average, the area supports a diverse range of tenants and buyers. While the exact DOM isn't provided, the economic indicators and rental dynamics imply a stable market where properties should be able to find tenants or buyers without excessive delay. For investors, this translates to predictable cash flows and manageable vacancy rates, making ZIP 62248 a reliable choice for real estate investments.

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.