Location: Knox County, MO | Metro: Adair County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,450 |
| 5 Bedrooms | $1,682 |
| 6 Bedrooms | $1,884 |
| 7 Bedrooms | $2,035 |
| 8 Bedrooms | $2,137 |
U.S. Census Bureau data (2024)
The market in ZIP code 63547 is characterized by a notable gap between the Fair Market Rent (FMR) set at $890 for fiscal year 2026 and the actual market rent of $688, based on recent Census ACS data. This suggests that the rental market may be experiencing some level of downward pressure, possibly due to an oversupply of rental units or increased competition among landlords. However, the lack of specific data on price-cut share and days on market (DOM) makes it difficult to conclusively state whether supply consistently outpaces demand or vice versa.
The median home value in ZIP 63547 stands at $215,832. While this figure alone does not provide insight into the market's trajectory, it serves as a baseline for assessing property values relative to other areas and over time. The relatively low market rent compared to the FMR could indicate that landlords are adjusting their rates to attract tenants, which might suggest a slight imbalance towards a higher supply of rental properties.
A key indicator of long-term housing pressure is the 13.7% renter share. This percentage implies that a significant portion of residents prefer or require rental housing over homeownership, indicating potential sustained demand for rentals. In markets with a high proportion of renters, there is often an underlying pressure on housing affordability and availability, as renters typically have less control over housing costs and may face more frequent changes in living situations. This dynamic can create a steady demand for rental properties, even if it doesn't necessarily translate into rapid appreciation of home values.
In summary, ZIP 63547 presents a rental market that is currently below the federally determined fair market rate, suggesting a balance leaning slightly towards supply. The modest renter share indicates a stable but not overwhelming demand for rental housing, which could support consistent occupancy rates without significant fluctuations in rental prices or home values.
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.