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 | $1,100 |
| 1 Bedroom | $1,150 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,400 | $161,618 | 0.87% | C |
| 3BR | $1,800 | $223,448 | 0.81% | C |
| 4BR | $2,070 | $338,427 | 0.61% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP 62254 in Lebanon, Illinois, for fiscal year 2024 is set at $1270. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the program, the Housing Authority will pay up to $1270 per month for a suitable rental unit. However, it's important to note that this is not the amount tenants will pay; rather, it's the maximum subsidy level.
To put this into perspective, the average rent for the area is currently listed at $1,063 according to the latest Census American Community Survey data. This indicates that the FMR is higher than the typical market rate, potentially offering landlords a slightly better deal when compared to non-subsidized rentals.
In ZIP 62254, approximately 28.9% of residents are renters. This statistic suggests a reasonable demand for rental properties, including those that might be part of the Section 8 program. With such a significant portion of the population renting, there is likely a steady pool of potential tenants who qualify for the voucher program.
When considering the acquisition of a property in this area, the median home value is around $204,882. This figure gives you an idea of the investment required to purchase a property that could be used for Section 8 rentals. It's crucial to ensure that the property meets all the necessary requirements and standards set by the Housing Authority to avoid any issues once you start receiving subsidies.
Before proceeding with your first Section 8 rental, you must verify that the property meets the Housing Quality Standards (HQS). These standards are designed to ensure that the homes are safe, decent, and sanitary. Failure to meet these criteria can result in a denial of tenancy and loss of income. The HQS inspection is a critical step and should be completed before you sign on with any tenant using a Section 8 voucher.
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.