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 | $1,080 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,370 | $105,108 | 1.3% | A |
| 3BR | $1,760 | $150,524 | 1.17% | B |
| 4BR | $2,030 | $200,543 | 1.01% | B |
U.S. Census Bureau data (2024)
Spanish Lake, MO, located in Saint Louis County, has a population of 18,233 residents. This ZIP code, 63138, stands out due to its high rental rate of 50.1%, indicating a strong demand for rental properties. The median income in Spanish Lake is $56,096, which is lower than the median home value of $148,371, suggesting that homeownership may be less accessible to the average resident compared to other areas.
The voucher economics in Spanish Lake are favorable for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,100, while the Zillow Rent Index (ZORI), which represents the market rent, is at $1,259. This means that landlords can potentially earn an additional $159 per month above the voucher amount, making it attractive to accept Section 8 tenants.
Based on the data signature of Spanish Lake, the area appears to be relatively stable. The high percentage of renters suggests a steady demand for rental housing, which could provide consistent cash flow for landlords. Additionally, the gap between median income and median home value indicates that the rental market will likely remain robust, as many residents may find it challenging to afford homeownership.
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.