Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 63140 presents an interesting scenario for both renters and landlords. The median household income stands at $45,568, which contrasts sharply with the market rate rent of $885 per month as reported by the Census Bureau's American Community Survey (ACS).
A household earning the median income would find it challenging to afford the market rate rent, considering that a significant portion of their earnings would be dedicated to housing costs alone. This financial strain is further exacerbated when comparing the market rate to the Fair Market Rent (FMR) standard set by the Housing Choice Voucher Program, which is $970 for ZIP 63140 in fiscal year 2024.
The high percentage of renters—76.8%—and a relatively small population of 316 indicate a competitive rental market. Landlords must be mindful of the affordability gap between the median income and both the market rate and voucher payment standards. This disparity means that many potential tenants might struggle to pay market rates without assistance, leading to increased interest in properties that accept vouchers.
For landlords considering whether to accept voucher payments or focus on cash-paying tenants, the key takeaway is clear. While accepting a voucher payment at $970 may seem less lucrative compared to the market rate, it opens up a larger pool of tenants who might otherwise be unable to afford living in ZIP 63140. Given the high proportion of renters and the limited population, securing a steady tenant through voucher programs can be a strategic advantage, ensuring consistent occupancy and income despite the slightly lower monthly rent compared to market rates.
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.