Location: Montgomery County, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,390 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The median income in ZIP code 63363 stands at $47,188, which places significant constraints on what households can afford for housing. The market rate for rent, according to Census ACS data, is $855 per month. This amount represents a substantial portion of the average household's income, potentially making it challenging for residents to find affordable housing options without financial assistance.
Comparatively, the Fair Market Rent (FMR) set by HUD for voucher payments in ZIP 63363 for fiscal year 2024 is slightly higher at $910 per month. This indicates that while voucher holders might have an easier time affording rent, they still face a tight budget, especially considering other living expenses.
With 24.1% of the 949 population being renters, the competition among landlords in this area is likely to be fierce. The affordability gap means that many potential tenants may struggle to pay market rates, driving them towards seeking rental assistance through vouchers. Landlords must weigh the benefits of accepting voucher payments, which offer a guaranteed and timely source of income, against the potential lower rent compared to market rates.
The takeaway for landlords is clear: accepting vouchers can provide a steady stream of income, albeit at a slightly lower rate than the market ($910 vs. $855). Given the economic conditions and the high percentage of renters who may need assistance, voucher tenants could represent a stable and reliable option in a competitive market. However, landlords should also consider the administrative requirements and the potential for less flexibility when dealing with voucher programs.
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.