Section 8 Fair Market Rent (FMR) for ZIP 64029 - 2027

Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,390
1 Bedroom	$1,510
2 Bedrooms	$1,710
3 Bedrooms	$2,230
4 Bedrooms	$2,680
5 Bedrooms	$3,109
6 Bedrooms	$3,482
7 Bedrooms	$3,761
8 Bedrooms	$3,949

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

21,961

Median Household Income

$91,704

Housing Units

8,379

Renter Percentage

27.8%

Occupancy Rate

94.6%

Renter Occupied

2,202

Housing Authorities Serving ZIP 64029

Housing Authority of Kansas City, Missouri (Kansas City, MO) - 8,733 Section 8 vouchers
Housing Authority of the City of Independence (Independence, MO) - 1,666 Section 8 vouchers
Lee's Summit Housing Authority (Lees Summit, MO) - 655 Section 8 vouchers

The ZIP code 64029, encompassing Grain Valley, Missouri, offers a stable real estate market with opportunities for both landlords and small-portfolio investors. The area benefits from a mix of affordable housing options and a moderate cost of living, making it attractive for various demographics.

Fair Market Rent (FMR): For the fiscal year 2024, the FMR for a two-bedroom apartment in ZIP 64029 is set at $1,340, providing a benchmark for rental pricing that landlords should adhere to for subsidized units.
Market Rent (ZORI): The actual market rent for a similar unit, according to Zillow's ZORI index, stands at $1,869, indicating a premium over the FMR and suggesting strong demand from private renters.
Median Home Value: The median home value in the area is $329,021, reflecting a middle-class community where homeownership remains accessible but competitive.
Renter Share: Renters make up 27.8% of the population, showing a significant portion of the market that relies on rental properties, which can be a steady source of income for landlords.
Days on Market (DOM): Properties typically spend only 15 days on the market before securing a tenant, demonstrating a quick turnaround and efficient rental process.
Median Income: With a median household income of $91,704, tenants have the financial stability to support higher rental rates without compromising their ability to pay.

The combination of these factors points to a robust investment opportunity in Grain Valley. Landlords can expect to achieve above-FMR rents due to the strong market conditions and relatively short time to lease properties. The median income supports the ability of residents to afford higher rents, while the substantial renter share ensures consistent demand for rental properties. Investors should focus on maintaining properties that meet or exceed market standards to capitalize on these favorable conditions.

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.