Location: Washington County, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $970 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,180 | $194,611 | 0.61% | D |
| 3BR | $1,500 | $301,440 | 0.5% | F |
| 4BR | $1,750 | $361,486 | 0.48% | F |
U.S. Census Bureau data (2024)
The available data for ZIP codes within Washington County, MO, reveals that typical ZIP codes have lower renter shares and home values compared to 63023. With a renter share of 11.7%, 63023 stands out as having a relatively higher proportion of renters than most ZIP codes in the county. This higher renter share, coupled with the slightly elevated FMR of $1170 against the market rent of $1,045, makes 63023 a favorable location for landlords participating in the Section 8 program.
The home value in 63023 is $276,085, which is above the average for many ZIP codes in Washington County. This places 63023 in a mid-tier category within the metro, offering a balance between affordability and market competitiveness. Landlords in 63023 can expect a moderate level of investment return, supported by the strong rental market driven by the higher renter share.
The divergence in FMR and market rent figures highlights an opportunity for landlords who are willing to engage with Section 8 tenants. They can benefit from receiving a higher rent subsidy than the local market rate, making 63023 a valuable pocket for such investments. This combination of factors—higher FMR, significant renter population, and above-average home values—positions 63023 as a desirable yet balanced market within the Washington County, MO metro.
Investors looking to capitalize on the Section 8 program should consider 63023 due to its favorable conditions. However, it is essential to conduct further research into local economic indicators and community dynamics to fully understand the potential returns and challenges associated with this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.