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 | $1,180 |
| 1 Bedroom | $1,220 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,220 | $164,640 | 0.74% | D |
| 2BR | $1,490 | $224,027 | 0.67% | D |
| 3BR | $1,910 | $356,503 | 0.54% | F |
| 4BR | $2,210 | $458,002 | 0.48% | F |
| 5BR | $2,564 | $600,390 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 63104 in Saint Louis, MO, is predominantly a renter-heavy area, with 55.1% of residents being renters. This indicates a significant portion of the population relies on rental housing, creating a robust demand for Section 8 tenants. Given the total population of 19,007, landlords can anticipate a substantial number of potential Section 8 applicants.
The median household income in ZIP 63104 stands at $68,764, which provides a baseline for assessing the affordability of the average market rent of $1,427. To put this into perspective, the typical rent consumes approximately 20.7% of the median household income. This percentage aligns well with federal guidelines that suggest housing costs should not exceed 30% of an individual's income.
Comparing the market rent to the Fair Market Rent (FMR) set by the U.S. Department of Housing and Urban Development for FY 2024, which is $1,360 for this ZIP, we see that the actual market rent is slightly higher. This suggests that landlords in ZIP 63104 might face some competition when setting rents, but the slight premium over the FMR could still be justified given the local economic conditions.
The expected tenant profile in this area will likely include individuals and families who rely heavily on government assistance to meet their housing needs. With a median income of $68,764, these tenants would typically allocate around 20.7% of their earnings towards rent, making them well-suited to the $1,427 market rate. Landlords should prepare for a mix of working individuals and families who may have limited disposable income beyond basic living expenses.
In conclusion, ZIP 63104 presents a viable opportunity for landlords interested in Section 8 tenants. The high proportion of renters and the alignment between market rents and local incomes make it a suitable market for those willing to participate in the program. However, landlords must be prepared to manage tenants who require financial assistance and may have different expectations regarding property maintenance and management.
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.