Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,270 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 62282 is situated in a predominantly owner-occupied neighborhood, with only 14.5% of residents being renters. The area has a relatively small population of 563 individuals, which suggests a tight-knit community where personal connections might play a significant role in property management. With a median income of $117,143, it's clear that the residents here are well above the national average, indicating a high socioeconomic status.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 62282 in fiscal year 2024 is set at $1030. This is notably higher than the reported market rent of $813 according to the Census ACS. The disparity between these two figures presents an opportunity for landlords who can offer quality accommodations that justify the higher voucher rate. It also highlights a potential gap in the market where there may be fewer affordable housing options available, especially for those relying on Section 8 vouchers.
Given the characteristics of ZIP 62282, it would likely suit a hands-on value-add buyer more than a hands-off voucher operator. The relatively low percentage of renters and the higher FMR suggest that properties must be well-maintained and offer amenities that align with the local income levels to attract tenants using Section 8 vouchers. A landlord who is willing to invest in improvements and actively manage their properties could find success in this area, whereas a passive approach might lead to vacancies due to the mismatch between the voucher amount and the market conditions.
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.