Section 8 Fair Market Rent (FMR) for ZIP 62809 - 2027

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$660
1 Bedroom	$730
2 Bedrooms	$950
3 Bedrooms	$1,200
4 Bedrooms	$1,570
5 Bedrooms	$1,821
6 Bedrooms	$2,040
7 Bedrooms	$2,203
8 Bedrooms	$2,313

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Based on the available data, the Fair Market Rent (FMR) for ZIP 62809 is set at $930 for fiscal year 2026. However, the current market rent for the area is not readily available, which suggests that it might be lower than the FMR. This gap means that landlords participating in the Section 8 program can expect to receive higher rents than the average market rate, potentially making it a yield play.

The analysis is anchored in the broader context of ZIP 62809, where only 6.5% of the population are renters, indicating a relatively low demand for rental properties. Despite this, the median household income stands at $43,900, which is a crucial factor in determining the affordability of housing for voucher recipients.

If the market rent were indeed lower than the FMR, voucher tenants would effectively subsidize the difference, allowing landlords to charge rates above what the open market would bear. This could result in a higher net income for landlords who participate in the program, even if the overall rental market is sluggish.

However, if the market rent is higher than the FMR, landlords would face a different scenario. They would need to accept a lower rent than they might otherwise charge, which could reduce their profit margins. In such a case, the cost of housing voucher tenants below open-market rates would mean that landlords must balance their desire for higher yields against the potential for reduced occupancy due to fewer eligible voucher holders.

The lack of a specific median home value makes it difficult to assess the overall wealth distribution in ZIP 62809, but given the median income, it's likely that many residents rely on assistance programs like Section 8 to afford housing. This reliance underscores the importance of the FMR in providing a stable source of income for landlords amidst an uncertain rental market.

To summarize, the gap between the FMR and the market rent in ZIP 62809 presents a strategic opportunity for landlords. With a market rent that is either unknown or potentially lower than the FMR, the Section 8 program offers a guaranteed income stream that can outperform the open market, especially in a region where rental demand is limited.

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.