Location: Knox County, MO | Metro: Knox 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 | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $111,291 | 0.87% | C |
| 3BR | $1,160 | $175,605 | 0.66% | D |
U.S. Census Bureau data (2024)
The ZIP code 63537, located in Edina, Missouri, presents an interesting scenario when viewed from the perspective of renters. The median household income in this area stands at $59,891 according to recent Census ACS data. Given the market rate for rent at $655 per month, it becomes evident that a significant portion of residents would struggle to meet these costs without financial strain. This indicates that the majority of renters in Edina face an affordability gap, as their monthly income leaves little room for other expenses after paying rent.
To further illustrate the challenge faced by renters, consider the Federal Market Rent (FMR) standard set at $920 for the metro area in fiscal year 2026. This amount represents the maximum allowable rent for housing units under the Section 8 Housing Choice Voucher program. Comparatively, the $655 market rate appears affordable, but the $920 FMR threshold highlights a substantial difference between what the typical renter can afford and what is considered a fair market rate by federal standards.
With 18.6% of the population being renters and a total population of 2,194, landlords must navigate a competitive landscape where the affordability gap is a critical factor. The limited number of potential tenants who can afford the market rate without assistance means that landlords could see increased demand for properties that accept Section 8 vouchers. However, this also implies that those relying solely on market-rate rents might find themselves competing against fewer options but potentially lower occupancy rates due to the financial constraints of many local households.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting Section 8 vouchers can open up a larger pool of tenants, ensuring steady occupancy. While the voucher payments are capped at the FMR, which is higher than the market rate, the guaranteed payment structure and government backing can provide a more stable income stream. Landlords should weigh the benefits of increased tenant availability against the administrative complexities of participating in the voucher program.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.