Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,140 |
| 1 Bedroom | $1,190 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,150 |
| 5 Bedrooms | $2,494 |
| 6 Bedrooms | $2,793 |
| 7 Bedrooms | $3,016 |
| 8 Bedrooms | $3,167 |
U.S. Census Bureau data (2024)
The ZIP code 63102 presents a unique challenge for both renters and landlords alike. The median household income here stands at $65,527. Considering the market rate rent of $1,642 per month (ZORI), it becomes evident that many residents face significant financial strain. To put this into perspective, a household earning the median income would need to allocate approximately 28% of their monthly earnings towards rent alone, which is notably high.
In contrast, the Federal Market Rent (FMR) for this ZIP code in fiscal year 2024 is set at $1,280. This means that Section 8 vouchers could cover a substantial portion of the typical renter's housing costs, making it more feasible for them to find affordable living spaces. Given the high percentage of renters—95.9%—and a relatively small population of 2,882, competition among landlords for tenants is fierce. Landlords who accept vouchers might find themselves with a more stable tenant base, as voucher holders are less likely to be displaced by rent increases.
The disparity between the ZORI and the FMR highlights a significant affordability gap. While the market rate reflects the current demand and supply dynamics, the FMR provides a benchmark for government assistance, aiming to ensure that low-income families have access to decent housing without shouldering an unreasonable financial burden.
Takeaway for landlords: Accepting Section 8 vouchers can be a strategic move in ZIP 63102. It ensures a steady stream of tenants who can reliably pay their rent through government subsidies. However, landlords must weigh this against the potential for higher market rents, which might attract non-voucher tenants looking for more amenities or better locations. Ultimately, the decision should align with the landlord's long-term goals and the specific needs of their property.
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.