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 | $1,320 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,490 |
| 5 Bedrooms | $2,888 |
| 6 Bedrooms | $3,235 |
| 7 Bedrooms | $3,494 |
| 8 Bedrooms | $3,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,160 | $546,696 | 0.4% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 63332 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment is set at $1170 for the fiscal year 2024. This SAFMR is specific to this ZIP code, reflecting the localized cost of housing. In contrast, the local market rent for a similar unit is reported at $686 according to the Census ACS.
A landlord participating in the Section 8 program should understand that the total reimbursement received from the Housing Choice Voucher program is not simply the SAFMR amount. Instead, it's calculated based on the tenant's portion of the rent plus the utility allowance. Typically, the tenant is responsible for paying 30% of their adjusted income towards rent. If we assume an average adjusted income of $1900 per month, the tenant would pay $570 (30% of $1900).
The voucher program then covers the remaining portion up to the SAFMR. For a two-bedroom apartment in ZIP 63332, the reimbursement would be $1170 minus the tenant's $570 contribution, equating to $600. However, this does not include utility allowances which can vary but generally add around $200-$300 to the monthly payment.
Thus, the landlord might receive approximately $800-$900 per month from the voucher program, plus the $570 directly from the tenant, totaling about $1370-$1470. This figure exceeds the local market rent of $686, indicating a surplus for the landlord. The surplus is due to the higher SAFMR compared to the actual market rates.
In summary, landlords in ZIP 63332 who accept Section 8 vouchers will likely see a reimbursement that covers more than the local market rent. The exact surplus depends on the specific utility allowances applied, but it is safe to say that a landlord could expect a positive cash flow of roughly $684-$784 per month over the local market rent for a two-bedroom unit. This makes Section 8 participation financially beneficial for landlords in this area.
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.