Section 8 Fair Market Rent (FMR) for ZIP 64088 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 64088

• 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 64088, located in Missouri, encompasses a suburban area known for its quiet neighborhoods and proximity to urban amenities. This region offers a balanced mix of residential living and access to local services, making it attractive for both homeowners and renters.

• Fair Market Rent (FMR) for ZIP 64088 in fiscal year 2024 is set at $1170. This figure represents the maximum amount that a tenant participating in the Section 8 program can be charged for rent, providing a benchmark for rental pricing in subsidized housing units.
• The average market rent in ZIP 64088 is $713 according to the Census ACS data. This indicates that the unsubsidized rental market is significantly below the FMR, suggesting potential opportunities for landlords who can leverage the Section 8 program to increase their rental income.
• The median home value in ZIP 64088 is $328,244. This reflects the overall cost of homeownership in the area, which is relatively high compared to the national median but aligns with the local property values.
• Renters make up only 1.9% of the population in ZIP 64088. This low percentage suggests that the area is predominantly composed of homeowners, indicating a smaller pool of potential tenants for rental properties.
• The median household income in ZIP 64088 is $101,645. This robust income level implies that residents have the financial capacity to afford higher rents or mortgage payments, further supporting the premium on homeownership and potentially higher rental rates for those willing to participate in the Section 8 program.
• The days on market (DOM) for rental listings is not available (N/A). This could indicate a fast-moving rental market or a lack of recent data, suggesting that landlords might need to be proactive in advertising their properties to attract tenants quickly.

For landlords and small-portfolio investors, ZIP 64088 presents a mixed opportunity. The significant gap between the Fair Market Rent and the actual market rent points to a potential upside for properties enrolled in the Section 8 program. However, the low renter share and robust median income suggest a preference for homeownership among residents, which could limit the demand for rental properties unless they offer substantial value through location or amenities. Investors should consider focusing on properties that cater to the needs of families eligible for the Section 8 program while also being mindful of the competition from homeownership options.

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.