Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,090 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,380 |
| 3 Bedrooms | $1,770 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63128, Concord, Missouri, is set at $1240 for fiscal year 2024. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you participate in this program, the maximum amount you can charge for rent will be $1240 per month. It's important to note that this is not the actual rent your tenants will pay; they will cover a portion of the rent based on their income, and the government will make up the difference.
In comparison, the local market rent for ZIP 63128 is currently $1,658 according to the Zillow Observed Rent Index (ZORI). This indicates that the average rent charged for similar properties in the area exceeds the Section 8 payment standard. The gap between these two figures suggests that landlords who rely solely on the Section 8 voucher program might experience lower revenue compared to those renting at market rates.
However, the demand for affordable housing in Concord remains strong, with 20.7% of residents being renters. This statistic points to a significant portion of the population that could benefit from Section 8 vouchers, potentially ensuring steady occupancy for your property.
If you're looking to acquire a new rental property in ZIP 63128, the median home value stands at $369,540. This figure gives you an idea of the typical cost for purchasing a home in this area. Given the FMR and the potential tenant pool, it’s crucial to ensure that the property meets the required standards for the Section 8 program before making any purchase. Specifically, you should verify that the unit passes the inspection for health and safety, as non-compliance can lead to reduced payments or even termination from the program.
To summarize, while the $1240 FMR is lower than the local market rate of $1,658, the 20.7% renter share suggests a solid demand for affordable housing. Before proceeding, confirm that the property meets the necessary criteria for the Section 8 program to avoid complications post-acquisition.
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.