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 | $1,580 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $2,000 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $2,960 |
| 5 Bedrooms | $3,434 |
| 6 Bedrooms | $3,846 |
| 7 Bedrooms | $4,154 |
| 8 Bedrooms | $4,362 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,640 | $178,478 | 0.92% | C |
| 2BR | $2,000 | $294,590 | 0.68% | D |
| 3BR | $2,570 | $408,744 | 0.63% | D |
| 4BR | $2,960 | $530,385 | 0.56% | F |
| 5BR | $3,434 | $752,396 | 0.46% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63108 in Saint Louis, Missouri, for fiscal year 2024 is set at $1740. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to subsidize housing costs for low-income families. It's important to note that this is not the rent you will receive; it's the payment standard used by the Housing Authority to determine the maximum subsidy for tenants.
In comparison, the local market rent, known as the Zillow Observed Rental Index (ZORI), stands at $1695. This suggests that the FMR is slightly above the average rent in the area, making Section 8 properties somewhat competitive in terms of price. However, the FMR does not necessarily reflect the actual rent you'll be paid, as it includes a utility allowance which varies by location and household size.
The 73.3% renter share indicates that a significant portion of the population in ZIP 63108 is renting, which points to a high demand for rental properties. This demand makes it likely that your property will attract interested tenants. However, the acquisition cost of a home in this area is around $307,217, so it's crucial to consider the initial investment required to enter the market.
Before committing to a Section 8 rental, verify that your property meets all the necessary requirements for the program, including safety, health, and structural standards. These inspections ensure that your property is habitable and can qualify for the subsidies.
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.