Location: New Madrid County, MO | Metro: New Madrid 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 | $960 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,180 | $149,641 | 0.79% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 63867 are straightforward. The SAFMR (Standard Amount Fair Market Rent) for a two-bedroom apartment is set at $890 per month for fiscal year 2026. This figure represents the maximum amount that the Housing Choice Voucher program will pay towards the rent of a two-bedroom unit in this specific ZIP code. In comparison, the local market rent for a similar unit is reported at $743 per month according to the Census ACS.
A landlord participating in the Section 8 program should understand how the reimbursement works. The voucher typically covers the difference between the tenant's contribution and the SAFMR. The tenant's portion is generally 30% of their adjusted income, which must be below a certain threshold to qualify for the program. Beyond the base rent, there are also utility allowances that can vary but are designed to cover the cost of utilities for the tenant.
To illustrate, if a tenant's monthly income is $1,000, their contribution would be $300 (30% of their income), assuming they qualify based on income limits. The remaining balance up to the SAFMR of $890 would be covered by the voucher program. Therefore, the voucher would pay $590 ($890 - $300) plus any applicable utility allowance. It's important to note that the total amount paid by the voucher program cannot exceed the SAFMR.
In ZIP 63867, where the local market rent is lower than the SAFMR, landlords can expect a slight surplus when renting to tenants with vouchers. Specifically, the voucher reimbursement for a two-bedroom apartment at the SAFMR of $890 exceeds the typical market rent of $743 by $147. This means landlords receive an additional $147 above the local market rate when renting to voucher holders.
However, it's crucial for landlords to ensure that their properties meet the necessary standards and that the rent is reasonable in comparison to other similar units in the area. While the SAFMR provides a ceiling for reimbursement, the actual payment received may be less if the market rent is lower, as the voucher program aims to reflect fair market conditions.
In summary, landlords in ZIP 63867 can expect a reimbursement of up to $890 for a two-bedroom apartment, with a potential surplus of $147 over the average market rent of $743. This surplus can help offset the costs associated with participating in the Section 8 program, such as administrative tasks and property inspections.
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.