Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,040 |
| 4 Bedrooms | $2,350 |
| 5 Bedrooms | $2,726 |
| 6 Bedrooms | $3,053 |
| 7 Bedrooms | $3,297 |
| 8 Bedrooms | $3,462 |
The ZIP code 63302 in Missouri is a challenging area to profile due to the lack of specific population and income data. However, we can still make some general observations based on the available information.
Without precise percentages, it's unclear whether the area is dominated by homeowners or renters. This ambiguity suggests that landlords should be cautious when estimating the size of the potential Section 8 tenant pool. The absence of median household income data complicates the analysis of how much of local income would typically go towards rent.
The Fair Market Rent (FMR) for the area is set at $1380 for fiscal year 2024, which provides a benchmark for rental prices. If market rents in 63302 are below this figure, they could attract more Section 8 tenants, given the program's reimbursement rates. Conversely, if market rents exceed this amount, landlords might find fewer eligible Section 8 tenants willing to pay the higher rent.
To illustrate the impact of FMR on affordability, consider a scenario where the median household income were known. For example, if the median income were $27,600, then the FMR of $1380 would represent about 50% of the monthly income. This ratio is significant because it aligns with the guideline that Section 8 voucher holders should not spend more than 30-40% of their income on rent.
Given the limited data, landlords in 63302 should prepare for a mix of tenants. They will likely encounter both those who rely heavily on Section 8 vouchers and others who may have additional financial resources. Landlords must be prepared to navigate the complexities of the housing choice voucher program while also being aware of the potential for a diverse tenant base.
In conclusion, ZIP 63302 presents an uncertain landscape for landlords and small-portfolio investors. The reliance on Section 8 vouchers will depend largely on the actual market rents compared to the FMR. A landlord here should anticipate a tenant pool that includes individuals and families who may have varying degrees of financial independence from their vouchers.
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.