Section 8 Fair Market Rent (FMR) for ZIP 64055 - 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	$1,150
1 Bedroom	$1,250
2 Bedrooms	$1,420
3 Bedrooms	$1,860
4 Bedrooms	$2,220
5 Bedrooms	$2,575
6 Bedrooms	$2,884
7 Bedrooms	$3,115
8 Bedrooms	$3,271

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

35,960

Median Household Income

$62,439

Housing Units

17,090

Renter Percentage

30.4%

Occupancy Rate

93.0%

Renter Occupied

4,835

Housing Authorities Serving ZIP 64055

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

ZIP code 64055, located in Independence, MO, is situated within the broader Kansas City, MO-KS HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 64055 in fiscal year 2024 is set at $1,150, which is notably lower than the market rent of $1,416. This discrepancy suggests that the area may offer better rental income opportunities for landlords participating in the Section 8 program, as the HUD-subsidized rates are below what the market demands.

The median home value in ZIP 64055 is $226,053, indicating a relatively affordable market compared to other areas within the Kansas City metro. Additionally, the renter share in this ZIP code stands at 30.4%, which is higher than the typical renter share in the wider Kansas City, MO-KS HUD Metro FMR Area. A higher proportion of renters combined with below-average home values often points to a sweet spot for Section 8 investments, where there is a strong demand for subsidized housing and the cost of entry into the real estate market is comparatively low.

To further contextualize ZIP 64055 within the Kansas City, MO-KS HUD Metro FMR Area, it's important to consider the following:

Fair Market Rent: At $1,150, the FMR for 64055 is below the average for the metro, making it attractive for landlords who can negotiate rents closer to the market rate while still being eligible for Section 8 subsidies.
Market Rent: The market rent of $1,416 is above the FMR, suggesting potential for landlords to charge higher rents if they do not participate in Section 8, but also highlighting the gap between market demand and HUD-subsidized rates.
Home Value: With a median home value of $226,053, properties in ZIP 64055 are generally less expensive than those in other parts of the Kansas City metro, potentially offering greater investment opportunities for smaller portfolio investors looking to maximize their returns on investment.
Renter Share: The 30.4% renter share is indicative of a significant portion of the population relying on rental housing, which aligns well with the Section 8 program's aim to provide affordable housing options to low-income families.

Based on these figures, ZIP 64055 appears to be a value pocket within the Kansas City, MO-KS HUD Metro FMR Area, offering a blend of affordability and demand for rental properties that can benefit both landlords and small-portfolio investors.

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.