Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
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 | $1,340 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,580 |
| 5 Bedrooms | $2,993 |
| 6 Bedrooms | $3,352 |
| 7 Bedrooms | $3,620 |
| 8 Bedrooms | $3,801 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $193,082 | 0.85% | C |
| 3BR | $2,160 | $231,196 | 0.93% | C |
| 4BR | $2,580 | $315,382 | 0.82% | C |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1230 for ZIP 64056 in Independence, MO, for fiscal year 2024, landlords can expect to align their rental prices with government standards if they wish to participate in the Section 8 program. The actual market rent, measured by ZORI, stands at $1,719, indicating a significant gap between the government-set rates and what the market demands. This discrepancy suggests that landlords who rely solely on Section 8 vouchers might miss out on higher rents commanded by the local housing market.
The median home value in ZIP 64056 is $228,322, which provides a solid foundation for property investment. However, it's important to note that 37.0% of residents are renters, suggesting a robust demand for rental properties. Landlords should be aware that the median income of $67,685 may influence the ability of potential tenants to afford higher rents, especially outside of government assistance programs.
Average days on market (DOM) for rentals in this area is 22 days, reflecting a relatively quick turnover rate for listings. This bodes well for landlords looking to minimize vacancy periods. Additionally, the price-cut share of 0.2% indicates that rental prices are generally set appropriately, reducing the need for adjustments to attract tenants.
In conclusion, while the market presents opportunities for higher rents, the participation in Section 8 with an FMR of $1230 remains viable for landlords seeking stable tenancy through government-backed vouchers. The high demand for rentals, coupled with a median home value of $228,322, supports the idea that Independence, MO, is a favorable location for real estate investments, particularly for those willing to engage with both market-rate and Section 8 tenants. For small-portfolio investors, the 22-day DOM and low price-cut share suggest that properties in ZIP 64056 will likely be rented quickly without needing to reduce asking prices.
Verdict: Independence, MO, offers a balanced opportunity for landlords interested in both market-rate and Section 8 rentals, with strong demand and competitive pricing.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.