Location: Ralls County, MO | Metro: Monroe County, MO
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $174,072 | 0.56% | F |
| 3BR | $1,240 | $260,326 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 63462, located in Perry, Missouri, presents a modest opportunity for landlords and small-portfolio investors interested in attracting Section 8 tenants. With a population of 1,335, approximately 20.9% of residents are renters, indicating that while the area is not dominated by renters, there is still a significant segment of the population seeking rental housing.
The median household income stands at $51,205, which provides a benchmark against which market rents can be evaluated. The average market rent of $688 represents about 13.4% of the median household income, suggesting that typical rents are relatively affordable compared to the local earnings. However, it's important to note that the Fair Market Rent (FMR) for the metro area is set at $890 (for FY 2026), which is higher than the current market rent. This discrepancy indicates potential upward pressure on rents if the market adjusts to align with FMR standards.
In terms of voucher availability, the FMR of $890 suggests that vouchers could cover a substantial portion of the average market rent, making it feasible for tenants with Section 8 vouchers to afford housing in this ZIP code. However, given that only about 20.9% of the population are renters, the overall demand for rental properties with voucher acceptance may be limited compared to areas with higher percentages of renters.
A landlord in ZIP 63462 should expect tenants who are likely to have a mix of incomes, some possibly relying on government assistance such as Section 8 vouchers. These tenants will generally seek affordable housing options, with rents not exceeding the FMR. Given the current market conditions and the modest percentage of renters, landlords should prepare for a tenant pool that includes individuals and families with varying financial needs, but who are primarily focused on finding stable and affordable housing solutions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.