Section 8 Fair Market Rent (FMR) for ZIP 62659 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 62659 in fiscal year 2024 is set at $1010. This figure represents the payment standard that landlords can expect to receive from the U.S. Department of Housing and Urban Development (HUD) through the Section 8 program. It's important to note that this is not the amount you would charge your tenant as rent; rather, it's the maximum amount that HUD will pay towards the rent on behalf of the tenant.

While specific local market rents are not available for ZIP 62659, the FMR of $1010 provides a benchmark. Landlords should ensure that their rent does not exceed this amount to remain competitive and attractive to potential tenants participating in the Section 8 program.

The percentage of renters in the area who could benefit from the Section 8 program is also not specified here, but understanding this share helps gauge the potential demand for your rental property. If the renter share is high, it indicates a strong interest in affordable housing options, which could translate into quicker occupancy rates.

Regarding the acquisition cost of properties in ZIP 6259, there is no specific data provided. However, knowing the typical property values in the area can help you determine if the FMR covers a significant portion of the total rent, making it a viable option for investment.

Before committing to a Section 8 rental, one crucial step is to verify that your property meets the required quality standards known as the Housing Quality Standards (HQS). This involves ensuring that your property is safe, decent, and sanitary, which is essential for approval under the program.

Data Sources: FMR data from HUD (2027).

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.