Location: Scotland County, MO | Metro: Knox County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
U.S. Census Bureau data (2024)
The ZIP code 63531 has a population of 393 individuals, with 15.4% being renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income stands at $86,250, which is relatively high compared to the national average.
Market rent data for ZIP 63531 is currently unavailable, making it difficult to provide an exact percentage of income that goes towards rent. However, we can compare the median income to the Fair Market Rent (FMR) established by HUD for the area, which is set at $980 per month for fiscal year 2026. Given the median income, a typical rent of $980 would consume a small portion of the monthly earnings, suggesting that tenants could afford higher rents without significant strain.
Despite the homeowner-dominated landscape, there is still a niche market for Section 8 tenants. Landlords in ZIP 63531 should expect tenants who rely on housing vouchers due to lower individual incomes. These tenants will be looking for affordable housing options that do not exceed their budget constraints. It's important for landlords to understand that while the voucher system provides subsidies, the overall rental demand driven by vouchers is limited given the low percentage of renters.
To attract and retain tenants, landlords must ensure their properties meet the standards required by the Section 8 program. This includes passing inspections and maintaining competitive pricing within the voucher limits. While the demand for Section 8 vouchers exists, it is not as robust as in areas with a higher percentage of renters. Therefore, landlords should also consider non-voucher renting opportunities to diversify their tenant pool and potentially increase rental income.
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.