Location: New Madrid County, MO | Metro: Mississippi 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 | $730 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $74,388 | 1.33% | A |
| 3BR | $1,350 | $143,152 | 0.94% | C |
| 4BR | $1,590 | $198,241 | 0.8% | C |
U.S. Census Bureau data (2024)
The median income in ZIP 63845, East Prairie, MO, stands at $51,207. The market rate for rent, according to Census ACS data, is $789 per month. This means that the average household in East Prairie faces a significant challenge in affording the market-rate rent without financial strain. To put it into perspective, the monthly rent of $789 represents nearly 18% of the median annual income, which is a considerable portion.
Comparatively, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $910. This higher figure reflects the broader regional cost considerations and indicates that the local market rate of $789 is already below the federal standard for affordability. For renters in East Prairie, the $910 FMR would be even harder to meet, representing over 21% of their median income.
With 37.5% of the 5,261 residents being renters, there is a notable demand for affordable housing. However, the affordability gap between the median income and both the market and FMR rates suggests that many renters may struggle to find suitable housing without assistance. This situation can lead to increased competition among landlords for tenants who are able to pay the full market rate or those who qualify for voucher programs.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. Given the affordability challenges faced by the majority of renters, accepting vouchers could provide a steady stream of tenants. Vouchers, which cover the $910 FMR, ensure that landlords receive a guaranteed rental income, albeit at a level slightly above the current market rate. Landlords who focus solely on cash-paying tenants may face difficulties in filling vacancies, especially if they do not adjust their rental prices to align closer with the median income levels of the area.
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.