Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
ZIP code 62260, located in Millstadt, IL, falls within the St. Louis, MO-IL HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,200. This figure is higher than the market rent of $1,041, indicating that the rental prices in this area are somewhat subsidized compared to the actual market conditions.
The median home value in 62260 is $294,046, which is likely lower than the average home value across the broader St. Louis, MO-IL HUD Metro FMR Area. The renter share of 14.4% suggests a moderate presence of renters in the area, not exceptionally high but also not particularly low.
Comparatively, if typical ZIP codes within the St. Louis, MO-IL HUD Metro FMR Area have higher home values and lower renter shares, then 62260 would be considered a value pocket. This is because it offers relatively affordable housing options and has a slightly higher renter share, which can make it an attractive location for landlords who want to cater to the needs of renters who might benefit from Section 8 subsidies.
The discrepancy between the FMR and the market rent, combined with the moderate renter share, points towards 62260 being a favorable area for landlords interested in Section 8 properties. It's important to note that while the home values are lower than what might be expected in a premium sub-market, they align well with the needs of tenants seeking affordable housing solutions.
In conclusion, ZIP 62260 appears to be a value pocket within the St. Louis, MO-IL HUD Metro FMR Area, offering landlords an opportunity to invest in a market where there is a notable presence of potential Section 8 tenants.
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.