Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,040 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,880 |
| 5 Bedrooms | $2,181 |
| 6 Bedrooms | $2,443 |
| 7 Bedrooms | $2,638 |
| 8 Bedrooms | $2,770 |
U.S. Census Bureau data (2024)
The ZIP code 62256 presents a unique challenge for landlords and small-portfolio investors considering Section 8 tenants. With a population of 35, there are no significant numbers of renters; the data indicates that 0.0% of the residents are renters, suggesting this area is predominantly homeowner-dominated. This means that the demand for rental properties using Section 8 vouchers will be very low.
The median household income in ZIP 62256 is notably high at $126,250. However, without specific figures on market rents, it's challenging to determine the exact percentage of local income that goes towards rent. Nonetheless, given the high median income, it can be inferred that if there were rental units, they would likely be priced at a level that represents a smaller proportion of the overall income compared to areas with lower median incomes.
Comparing the median income to the Fair Market Rent (FMR) figure for ZIP 62256, which is set at $1,150 for fiscal year 2024, we see that the FMR is significantly below the median income. This suggests that even those who qualify for Section 8 vouchers might find it difficult to use them effectively in this area due to the disparity between the voucher amount and the actual cost of renting.
In terms of tenant profiles, landlords in ZIP 62256 should expect few Section 8 applicants due to the scarcity of rental properties and the low percentage of renters. Those who do apply will likely have a household income that is considerably lower than the median, making it essential for landlords to carefully review financial documentation and ensure that tenants can meet their obligations despite relying on vouchers.
Given these factors, landlords and investors should consider the limited appeal of Section 8 tenants in this area and focus on other aspects of property management that cater to the homeowner-dominated environment. If rental properties are to be developed, they should aim for a niche market that aligns with the local income levels and expectations.
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.