Section 8 Fair Market Rent (FMR) for ZIP 63763 - 2027

Location: Wayne County, MO | Metro: Wayne County, MO

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$700
1 Bedroom	$840
2 Bedrooms	$960
3 Bedrooms	$1,180
4 Bedrooms	$1,510
5 Bedrooms	$1,752
6 Bedrooms	$1,962
7 Bedrooms	$2,119
8 Bedrooms	$2,225

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

Median Household Income

$N/A

Housing Units

Renter Percentage

19.6%

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 63763 presents an interesting scenario for both renters and landlords. The median income for households in this area is not available, which complicates assessing the average resident's ability to pay market rates. However, the Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $890. This figure serves as a benchmark for the Housing Choice Voucher program, commonly known as Section 8.

In ZIP 63763, the market rate for housing is also listed as N/A, making it difficult to directly compare the local rental prices with the FMR. Nonetheless, given that 19.6% of the 98 residents are renters, there is a notable segment of the population seeking affordable housing solutions.

The affordability gap in this ZIP code is significant, especially since the median income is unavailable. This suggests that many renters might struggle to find housing that fits comfortably within their budget, leading to increased competition among landlords for tenants who can afford the market rate. For those relying on Section 8 vouchers, the $890 FMR provides a stable income stream, though it may not cover higher-end market rates.

Landlords in ZIP 63763 should consider the following when deciding between accepting voucher payments or focusing on cash-paying tenants:

Voucher Strategy: Accepting Section 8 vouchers ensures a steady and reliable income source, albeit at a fixed rate of $890. This strategy is particularly beneficial if the landlord aims to maintain occupancy rates without the risk of rent delinquency.
Cash-Pay Strategy: Focusing on cash-paying tenants could potentially yield higher rents, but it comes with the challenge of finding individuals who can afford these rates in an area where income data is lacking. This approach requires landlords to be competitive in terms of property quality and location to attract and retain tenants.

The takeaway for landlords is clear: while the voucher strategy offers stability and security, the cash-pay strategy demands a deeper understanding of the local market and the willingness to adapt to potential changes in tenant preferences and economic conditions.

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.