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 economics of Section 8 housing in ZIP code 63346, located in St. Louis County, Missouri, are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1380 for fiscal year 2024. This SAFMR is specific to this ZIP code, reflecting local rental market conditions more accurately than a broader county-wide average.
In ZIP 63346, the SAFMR for a two-bedroom unit is $1380. However, the local market rent is currently unavailable, which can make it challenging to compare the SAFMR to actual market rates directly. To understand what a landlord will receive from a Section 8 voucher, it's important to consider the components of the payment standard. The voucher pays the difference between the tenant's portion of the rent and the total rent, up to the SAFMR limit. Additionally, there are utility allowances that vary by location and size of the unit.
The tenant's portion of the rent is generally 30% of their adjusted income. For a two-bedroom apartment in ZIP 63346, if the tenant's portion is calculated based on an adjusted income that would equate to 30% of $1380, the maximum rent they could be expected to pay would be $414. Beyond this amount, the voucher program covers the remainder of the rent, up to the SAFMR limit of $1380.
To illustrate, let's assume a landlord charges $1380 for a two-bedroom apartment. If the tenant's portion is $414, then the voucher would cover the remaining $966. It's worth noting that the voucher also includes a utility allowance, which can range but is typically around $300-$400 for a two-bedroom unit. This allowance is intended to help cover the tenant's electricity, gas, water, and sewer costs, among others.
Given these specifics, if a landlord charges exactly $1380 for a two-bedroom unit, the voucher will cover the rent in full, plus utilities. However, if the landlord charges more than $1380, the tenant must make up the difference out-of-pocket, which can be challenging for low-income households. Conversely, if the landlord charges less than $1380, the voucher will still only reimburse up to the SAFMR limit, meaning the landlord might not receive the full rent charged.
The typical reimbursement gap or surplus for a two-bedroom voucher in ZIP 63346 is zero when the rent is set at exactly $1380. Landlords should aim to keep their rents close to this figure to ensure they are fully covered by the voucher without placing undue financial burden on tenants.
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.