Location: Randolph County, MO | Metro: Macon County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 63534 is primarily a homeowner-dominated area, given that only 14.6% of the population are renters. This indicates that the demand for rental properties using Section 8 vouchers is likely to be less robust compared to areas with a higher percentage of renters.
The median household income in ZIP 63534 stands at $42,392, which suggests that residents have limited financial resources. The average market rent of $563 per month consumes approximately 15.6% of the median monthly income, calculated as $42,392 divided by 12 months. This figure implies that typical rent is relatively affordable for the majority of households in this area.
However, when compared to the Fair Market Rent (FMR) of $890, which is set for FY 2026 and reflective of the metro area's standards, it becomes evident that the actual market rent in ZIP 63534 is significantly below the FMR. This discrepancy highlights that rents in this ZIP are more aligned with the economic realities of the local population, making them more accessible to those receiving housing assistance.
A landlord in ZIP 63534 can expect tenants who rely heavily on Section 8 vouchers due to the low renter population and the affordability of the market rent relative to local incomes. These tenants will likely have their rent subsidized, with the government covering the difference between the market rent and what they can afford based on their income. Given the lower market rent compared to the FMR, landlords might find that the voucher amount covers a substantial portion of the rent, ensuring stable cash flow.
In summary, while ZIP 63534 is not a renter-heavy area, the existing rental market is well-suited for Section 8 tenants. The low renter percentage and the affordability of the $563 market rent indicate that landlords can expect a steady stream of tenants who benefit from housing vouchers, ensuring that the rent is paid consistently without placing an undue burden on the tenants' finances.
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.