Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $900 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
U.S. Census Bureau data (2024)
The median income in ZIP code 64017 stands at $68,239. Given the market rate for rent at $680, it might initially seem affordable for a household earning the median income. However, when considering the Federal Market Rent (FMR) standard for vouchers, which is set at $1050 for zip code 64017 in fiscal year 2024, the disparity becomes clear. The difference between the market rate and the voucher payment standard highlights an affordability gap that significantly impacts both renters and landlords.
This gap means that while some renters might find the market rate of $680 within their budget, they would not be able to utilize their voucher to cover the cost. On the other hand, landlords who accept vouchers will receive a higher payment of $1050, which is well above the current market rate. This creates a competitive scenario where landlords must decide whether to cater to the broader market of cash-paying tenants or to focus on attracting voucher holders for potentially higher, guaranteed payments.
The population of ZIP 64017 is 335, with 18.7% of residents being renters. This indicates a relatively small rental market, which could intensify competition among landlords. If many landlords choose to accept vouchers, those who do not might struggle to fill vacancies given the higher payment standard offered through the voucher program.
Takeaway: Landlords in ZIP 64017 should consider the benefits of accepting vouchers, including receiving a higher payment standard of $1050 compared to the market rate of $680. While the voucher strategy might limit the pool of potential tenants to those eligible for assistance, the guaranteed and higher payment could offer a more stable income stream. Conversely, focusing on cash-paying tenants could attract a larger portion of the local rental market but may require lowering rates or offering incentives to remain competitive.
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.