Location: Wayne County, MO | Metro: Reynolds 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 | $880 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $970 | $93,616 | 1.04% | B |
| 3BR | $1,150 | $151,852 | 0.76% | D |
U.S. Census Bureau data (2024)
The median income in ZIP code 63957, which encompasses Piedmont, Missouri, stands at $43,582. Given the market rate for rent at $675 per month, it becomes evident that the financial landscape poses significant challenges for local renters. To put this into perspective, a household earning the median income would allocate approximately 20% of their monthly earnings towards rent, assuming no other financial obligations. This figure exceeds the recommended threshold of 30%, indicating that many residents might struggle to cover additional expenses such as utilities, food, and healthcare.
Comparatively, the Fair Market Rent (FMR) standard set by HUD for fiscal year 2026 is $890. This amount represents the maximum rent that a household receiving a housing voucher should pay. However, the disparity between the market rate and the FMR suggests that landlords who accept vouchers might face fewer takers due to the higher cost compared to the average rent. The $675 market rate is already a stretch for many households, and the $890 voucher rate could further limit the pool of potential tenants willing to pay the higher amount.
With 30.2% of the 5,144 population being renters, the competition among landlords is likely to be fierce. The affordability gap means that landlords must carefully consider their pricing strategy to attract and retain tenants. Accepting vouchers can provide a steady stream of rental income but comes with the trade-off of lower rates compared to cash-paying tenants. On the other hand, relying solely on cash-paying tenants requires landlords to ensure that their rents are competitively priced and affordable for the majority of local households.
The takeaway for landlords is clear: understanding the local economic conditions and tenant preferences is crucial. While the $890 voucher rate is higher than the market rate, the reduced number of tenants able to afford this rate could impact occupancy levels. Landlords should weigh the benefits of voucher stability against the potential for higher cash rents, keeping in mind the overall financial health of the community. A balanced approach, perhaps offering both voucher and cash-payment options, might be the most effective strategy to navigate the complex rental market in Piedmont, MO.
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.