Location: Lewis County, MO | Metro: Knox County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The ZIP code 63447 is situated in a rural area of Missouri, characterized by a modest population size of 1,060 residents. The rental market here is relatively small, with only 22.5% of the population renting their homes. The median income for this area is $43,478, indicating a community that is likely reliant on local industries and agriculture for employment. Given the lack of data on median home values, it's reasonable to infer that the housing market in this region is less developed compared to urban areas.
Turning to the economic realities of renting in ZIP 63447, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930. However, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is significantly lower at $483. This discrepancy suggests that there is substantial potential for government subsidies to cover a significant portion of the rent for tenants participating in the Section 8 program.
For investors considering involvement in this market, the decision hinges on whether they prefer a hands-off approach or are willing to engage in value-add activities. A hands-off voucher operator would find this environment suitable due to the high subsidy coverage, which can ensure steady cash flows without the need for extensive property management. On the other hand, a value-add buyer might see an opportunity to improve properties and potentially command higher rents closer to the FMR, though this strategy requires a deeper understanding of the local market dynamics and a willingness to invest in property enhancements.
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.