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 | $1,230 |
| 2 Bedrooms | $1,500 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,230 | $166,844 | 0.74% | D |
| 2BR | $1,500 | $223,551 | 0.67% | D |
| 3BR | $1,920 | $289,968 | 0.66% | D |
| 4BR | $2,220 | $350,366 | 0.63% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 63139, located in Saint Louis, Missouri, within Saint Louis City County, can be analyzed using specific financial metrics. For fiscal year 2024, the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1290. This SAFMR is specifically tailored for this ZIP code, meaning it reflects the rental rates unique to this area.
Local market rents, as measured by ZORI (Zillow Observed Rent Index), stand at $1252. This indicates that the SAFMR is slightly higher than the average market rent, which could be advantageous for landlords participating in the program.
A landlord who accepts a Section 8 voucher will receive payment based on the SAFMR minus the tenant's portion of the rent. The tenant's portion is typically 30% of their adjusted income. Utility allowances are also part of the calculation but are usually capped at a certain amount per unit. For a two-bedroom unit, the typical utility allowance is around $150 to $200 per month, depending on the local housing authority's policies.
To illustrate, if a tenant's portion of the rent is calculated to be $387 (assuming an adjusted income of $1290), the landlord would receive the difference between the SAFMR and the tenant's portion plus the utility allowance. In this case, the landlord would receive:
This means that the landlord would receive approximately $1078 per month from the housing authority, plus the $387 paid directly by the tenant, totaling $1465. However, since the local market rent is $1252, this represents a surplus for the landlord of about $213 per month over the ZORI.
It's important to note that the exact amounts can vary based on individual tenant circumstances and the specific policies of the local housing authority. Nonetheless, the overall economic picture suggests that landlords in ZIP 63139 can expect a slight surplus when renting to tenants with Section 8 vouchers for a two-bedroom unit.
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.