Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,000 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,680 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
U.S. Census Bureau data (2024)
The situation in ZIP code 62266 presents a unique challenge for both renters and landlords alike. Given the median income of $52,917, it's evident that the local economy supports a modest standard of living. However, without specific market rate data, we must rely on the Fair Market Rent (FMR) provided by the Housing Choice Voucher program, which stands at $1,330 per month for ZIP 62266 in fiscal year 2024.
To frame this from the renter's perspective, consider the following: with a median income of approximately $4,409 per month, the typical household would spend roughly 30% of their income on housing, aligning closely with national guidelines. This means that the average renter could afford a monthly rent of around $1,323, very close to the FMR. However, the lack of detailed market rate data complicates the picture. If market rates exceed the FMR, it becomes increasingly difficult for residents to find affordable housing without assistance.
The data indicates that there are 103 people in the area, with an occupancy rate of renters standing at 0.0%. This suggests that either the vast majority of residents are homeowners or the population figure is misleading due to the inclusion of non-rentable properties. In either case, the low number of renters points to limited competition among landlords, especially those who cater to cash-paying tenants. The scarcity of rental options might also imply that any rental property could command higher rents, but only if potential tenants have access to sufficient funds or vouchers.
For landlords considering their strategy between accepting vouchers versus relying on cash-paying tenants, the key takeaway is clear. Due to the limited number of renters and the tight alignment of median income with the FMR, landlords should be prepared to accept vouchers as a significant portion of their tenant pool. While cash-paying tenants may exist, the overall market conditions suggest that voucher acceptance will be crucial for maintaining a steady occupancy rate and ensuring a reliable source of income.
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.