Location: Johnson County, MO | Metro: Johnson County, MO
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 | $770 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,040 | $176,744 | 0.59% | F |
| 3BR | $1,440 | $258,971 | 0.56% | F |
| 4BR | $1,740 | $341,556 | 0.51% | F |
| 5BR | $2,018 | $403,749 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 64093, located in Warrensburg, Missouri, presents an interesting scenario when analyzing rental affordability from the renter's perspective. The median household income stands at $61,094, while the market rate for rent, known as the Zillow Observed Rent Index (ZORI), is $1,130 per month. This figure represents the average rent paid by tenants in the area, giving us a benchmark for typical rental costs.
In comparison, the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for the fiscal year 2024 is $1,050. This amount is used to determine the maximum payment standard for housing assistance under the Section 8 program. For a household receiving a Section 8 voucher, the renter typically pays 30% of their adjusted income towards rent, with the rest covered by the voucher up to the FMR limit.
Given that 45.2% of the 28,199 population are renters, the competition among landlords is significant. The affordability gap between the ZORI ($1,130) and the FMR ($1,050) means that landlords who accept Section 8 vouchers might find it challenging to cover all expenses with the lower payment standard. However, for those who can manage within the FMR limit, there is a substantial pool of potential tenants who rely on vouchers to afford housing.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the key takeaway is clear. While cash-paying tenants might offer higher rents, the availability of Section 8 vouchers provides a reliable stream of income for units priced at or below the FMR. The decision should be based on the landlord's ability to operate within the FMR limits and the local demand for affordable housing. Accepting vouchers could help landlords attract tenants in a competitive market, albeit at a lower rate compared to market rents.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.