Section 8 Fair Market Rent (FMR) for ZIP 63457 - 2027
Location: Lewis County, MO | Metro: Lewis County, MO
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $750 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$57,778
To determine if a landlord should invest in ZIP code 63457 for Section 8 properties, follow this decision tree:
- Does FMR ($900 - metro FY 2026) cover the debt service on a property?
- If yes: Proceed to the next question. Debt service is covered, which means the landlord can rely on Section 8 payments to meet mortgage obligations.
- If no: Do not buy here. The Federal Market Rent (FMR) of $900 does not provide sufficient income to cover the debt service, making investment unfeasible.
- Is the market rent ($783 - Census ACS) above, at, or below the FMR?
- If market rent is above FMR: It depends. Landlords might consider the possibility of renting to non-Section 8 tenants who could pay higher rates, but they must also weigh the stability of Section 8 payments against potential vacancy periods.
- If market rent is at or below FMR: Proceed to the next question. This indicates that Section 8 rates are competitive or exceed the market rate, reducing the risk of vacancy.
- Are there enough demand indicators (17.3% renters + N/A-day DOM)?
- If the days on market (DOM) is low: Yes. With 17.3% of the population renting and a quick turnover rate, there is strong demand for rental properties, including those that accept Section 8 vouchers.
- If the DOM is high: It depends. A higher DOM suggests less demand, but the 17.3% rental rate still indicates a significant portion of the population needs housing. Landlords would need to assess whether the high DOM is due to seasonal factors, property quality issues, or other market-specific reasons.
The decision to invest in ZIP 63457 for Section 8 properties hinges on these key points. If FMR covers debt service and the market rent is competitive or below FMR, then the final decision rests on the demand for rentals. With 17.3% of residents renting, the area shows a clear need for affordable housing. However, the exact days on market will be crucial in determining if this demand translates into quick occupancy for new rental properties.
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.