Location: Marion County, MO | Metro: Lewis County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 63438 is primarily characterized by a small population size of 232 individuals. With only 14.8% of residents being renters, it indicates that this area is not heavily populated by tenants but rather dominated by homeowners. This means that the demand for rental properties using Section 8 vouchers is likely to be limited.
The median household income in this ZIP code stands at $42,188. While specific market rent figures are not provided, we can infer the economic landscape by comparing the median income to the Fair Market Rent (FMR) which is set at $980 for the fiscal year 2026 in the metro area. Given the median income, typical rents would consume a significant portion of the average resident's income, suggesting that rent affordability could be a concern for many potential tenants.
Landlords in ZIP 63438 should anticipate a tenant pool that is largely dependent on government assistance such as Section 8 vouchers due to the relatively low median income. However, the limited number of renters in the area implies that competition among voucher holders for available rental units may not be intense, potentially leading to a smaller pool of interested applicants.
To put this into perspective, if we assume that the market rent aligns closely with the FMR, then the $980 monthly rent would represent approximately 28% of the median household income when considering an annual income of $42,188. This percentage highlights the financial strain that renting could place on residents, particularly those relying on Section 8 assistance.
In summary, landlords in ZIP 63438 should prepare for a tenant base that is economically challenged and likely requires government subsidies to cover housing costs. The expectation is for a moderate number of Section 8 voucher holders seeking rental accommodations, but the overall rental market is not extensive compared to the homeowner population.
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.