Section 8 Fair Market Rent (FMR) for ZIP 63944 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$880
2 Bedrooms	$960
3 Bedrooms	$1,150
4 Bedrooms	$1,610
5 Bedrooms	$1,868
6 Bedrooms	$2,092
7 Bedrooms	$2,259
8 Bedrooms	$2,372

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,332

Median Household Income

$58,047

Housing Units

717

Renter Percentage

9.7%

Occupancy Rate

73.2%

Renter Occupied

A landlord considering purchasing a property in ZIP code 63944 for Section 8 purposes must navigate several key factors to make an informed decision. The first question to address is whether the Fair Market Rent (FMR) of $890 for the metro area in fiscal year 2026 can cover the debt service on a property valued at $120,295. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. Given that the average monthly debt service for a property of this value might be around $800-$900, the FMR does indeed clear the debt service, making it financially viable to consider this ZIP code.

The next critical point is to compare the market rent of $484 (as per Census ACS data) against the FMR. Since the market rent is below the FMR, landlords who are able to secure Section 8 tenants will likely benefit from the higher rental rate provided by the government subsidy. This difference indicates a potential for increased cash flow compared to renting to non-subsidized tenants at market rates.

Finally, the demand for rental properties must be evaluated. In ZIP 63944, 9.7% of residents are renters. However, the lack of data on the number of days on the market (DOM) makes it challenging to assess how quickly properties are rented out. Despite this, the percentage of renters suggests a stable demand, which is positive for landlords looking to maintain occupancy rates.

Decision Tree:

If the landlord's primary goal is to ensure the property can cover its debt service with Section 8 tenants: Yes, the FMR of $890 is sufficient.
If the landlord wants to know if there is a financial advantage over market rents: Yes, the FMR exceeds the market rent of $484.
If the landlord needs to evaluate the demand for rental properties: It Depends. While the 9.7% renter population indicates some demand, the absence of DOM data leaves uncertainty about how quickly units can be filled. Landlords should further investigate local vacancy rates and tenant turnover.

In summary, ZIP 63944 presents a favorable scenario for landlords interested in Section 8 properties, given that the FMR clears the debt service and surpasses market rents. However, demand considerations remain somewhat ambiguous due to incomplete data, necessitating additional research before making a final investment decision.

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.