Location: St. Louis, 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 | $1,320 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,140 |
| 4 Bedrooms | $2,470 |
| 5 Bedrooms | $2,865 |
| 6 Bedrooms | $3,209 |
| 7 Bedrooms | $3,466 |
| 8 Bedrooms | $3,639 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,670 | $191,849 | 0.87% | C |
| 3BR | $2,140 | $541,094 | 0.4% | F |
| 4BR | $2,470 | $721,414 | 0.34% | F |
| 5BR | $2,865 | $899,734 | 0.32% | F |
U.S. Census Bureau data (2024)
The ZIP code 63038, located in Wildwood, Missouri, stands out within Saint Louis County due to its unique demographic and economic characteristics. With a population of 7,107 residents, it has a low rental rate of only 6.2%, indicating that the majority of the population owns their homes. The median household income in this area is $186,450, reflecting a relatively affluent community. Furthermore, the median home value in ZIP 63038 is $653,367, which is significantly higher than the national average.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,470. This is notably lower than the market rent of $2,087, as reported by the Census Bureau's American Community Survey. This discrepancy suggests that landlords in this ZIP code might find it challenging to cover their costs through Section 8 vouchers alone, especially if they own properties in the higher end of the market. However, the lower FMR also indicates that there is less competition from other rental properties that accept vouchers, potentially allowing landlords to maintain higher occupancy rates despite the financial gap.
The data signature for ZIP 63038 reads as stable. The high median income and home values suggest a strong local economy and a community that is financially secure. Additionally, the low percentage of renters implies a trend towards homeownership, which is typically associated with long-term stability. While the voucher economics present a challenge, the overall environment is conducive to steady investment returns for those who can navigate the financial differences between market rents and voucher payments effectively.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.