Section 8 Fair Market Rent (FMR) for ZIP 64116 - 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	$1,240
1 Bedroom	$1,350
2 Bedrooms	$1,530
3 Bedrooms	$2,000
4 Bedrooms	$2,390
5 Bedrooms	$2,772
6 Bedrooms	$3,105
7 Bedrooms	$3,353
8 Bedrooms	$3,521

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

18,046

Median Household Income

$64,123

Housing Units

9,579

Renter Percentage

55.7%

Occupancy Rate

91.4%

Renter Occupied

4,876

Housing Authorities Serving ZIP 64116

Liberty Housing Authority (Liberty, MO) - 348 Section 8 vouchers
Excelsior Springs Housing Authority (Excelsior Springs, MO) - 170 Section 8 vouchers
Smithville Housing Authority (Smithville, MO)

The ZIP code 64116, located in Kansas City, Missouri, is a vibrant residential area with a mix of urban conveniences and suburban comfort. This neighborhood offers a variety of housing options, including both rental properties and homes for sale, catering to a diverse population.

Fair Market Rent (FMR): The FMR for ZIP 64116 in fiscal year 2024 is set at $1,160, indicating the average monthly rental cost for a two-bedroom apartment under the Section 8 program.
Market Rent: According to ZORI (Zillow Observed Rent Index), the typical rent for properties in this area is $1,456 per month, reflecting a higher demand for rental units beyond subsidized housing.
Median Home Value: The median home value in ZIP 64116 stands at $265,637, providing a benchmark for property values and potential investment opportunities.
Renter Share: A significant 55.7% of residents in this ZIP code are renters, underscoring the strong demand for rental properties and suggesting that landlords can expect a steady pool of tenants.
Median Income: The median household income in the area is $64,123, which supports a moderate level of economic activity and suggests that residents have the means to afford rent within the observed range.

The data points highlight a robust rental market in ZIP 64116, with a notable preference among residents for renting over owning. Investors should consider the discrepancy between the FMR and market rent rates, indicating potential for higher returns on investment in non-subsidized properties. The median home value and income levels provide a stable foundation for property investments, while the high renter share signals ongoing demand for rental units. Overall, the area presents a favorable environment for both landlords and small-portfolio investors looking to capitalize on the local real estate trends.

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.