Location: Stoddard 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,180 | $93,092 | 1.27% | A |
U.S. Census Bureau data (2024)
The median income in ZIP code 63870 stands at $57,639, which places affordability of housing squarely in focus for many residents. The market rate for rent, according to the Census ACS, is $545. This figure represents a significant portion of the average household's budget, indicating that rental costs are already a substantial financial commitment for local families.
In contrast, the Fair Market Rent (FMR) for the area, set at $890 for metro FY 2026, far exceeds the current market rate. This discrepancy highlights the challenge for both renters and landlords, as it suggests a widening gap between what tenants can afford and what the government deems as fair rent levels.
With 40.9% of the 1,066 population being renters, competition among landlords is fierce. To attract and retain tenants, many landlords may need to keep their rents close to the market rate of $545. However, this also means that landlords will find it difficult to participate in voucher programs, which typically require a minimum rent of around $890 to be accepted.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While voucher programs offer a stable stream of income guaranteed by the government, they come with higher rent requirements that may not align with the current market realities of ZIP 63870. Landlords should weigh the benefits of long-term stability against the potential loss of rental income if they cannot fill units due to the higher cost threshold. In this environment, landlords who can offer competitive rents below the FMR will likely have an advantage in attracting cash-paying tenants, but they must also consider the administrative ease and reliability of voucher tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.