Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,490 |
| 3 Bedrooms | $1,950 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The median income in ZIP code 64018 stands at $110,750, providing insight into the financial capabilities of households in this area. At a market rate of $1,325 (as reported by the Census ACS), it becomes evident that the typical household can indeed afford the rent. This figure represents approximately 15% of their annual income, which is within a reasonable range for housing expenses.
However, when comparing the market rate to the Fair Market Rent (FMR) payment standard set at $1,430 for zip code 64018 in fiscal year 2024, it's clear that the voucher payment slightly exceeds the current market rate. This suggests that voucher holders might find themselves in a better position to negotiate rents closer to the FMR, potentially offering landlords a higher rental income than the current market rate.
The rental market in ZIP 64018 is relatively small, with only 15.7% of the 981 population being renters. This means there are approximately 154 rental units occupied by tenants. The limited number of renters indicates a competitive environment for landlords, as they must attract tenants from a smaller pool. The affordability gap between the median income and both the market rate and FMR highlights the importance of understanding the financial landscape when setting rents.
For landlords considering whether to accept vouchers or focus on cash-paying tenants, the data points to a strategic opportunity. While cash-paying tenants may be more numerous, voucher holders can offer a stable and reliable source of income, especially if the landlord can leverage the slightly higher FMR payment. Landlords should consider diversifying their tenant mix to include both cash-paying and voucher recipients to maximize occupancy and revenue stability.
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.