Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $980 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,840 |
| 5 Bedrooms | $2,134 |
| 6 Bedrooms | $2,390 |
| 7 Bedrooms | $2,581 |
| 8 Bedrooms | $2,710 |
1130 is the Fair Market Rent (FMR) for ZIP 63177 in fiscal year 2024 according to HUD. This figure represents the maximum amount a landlord can charge for a two-bedroom unit under the Section 8 program. Despite the lack of specific market rent data, the FMR serves as a benchmark for rental prices in the area. The absence of median home value, renter share percentage, median income, and days on market (DOM) figures suggests limited recent sales activity or available data for comprehensive analysis.
The 1130 FMR highlights the affordability concerns in the region, especially for those relying on government assistance. Landlords must ensure their rents align with this figure to remain competitive while also meeting the requirements of the Section 8 program. Without precise market rent data, it's advisable to keep rental rates close to the FMR to avoid overpricing and potential vacancy issues.
Absence of specific DOM and price-cut share percentages indicates a stable rental market, where properties are likely being rented out at or near asking prices. This stability can be beneficial for landlords who are seeking consistent cash flow without the need for frequent price adjustments.
In conclusion, the 1130 FMR sets a clear guideline for landlords in ZIP 63177. While there is limited data on other key metrics, the overall market appears steady and aligned with the federal assistance levels. For landlords and small-portfolio investors, adhering to the FMR will ensure compliance and maintain occupancy rates.
Verdict: ZIP 63177 is suitable for Section 8 investments, with landlords advised to keep rents at or below the 1130 FMR for two-bedroom units.
Data Sources: FMR data from HUD (2027).
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.