Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
The Fair Market Rent (FMR) for ZIP code 64144 in fiscal year 2024 is set at $1260. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay towards a tenant's rent under the Section 8 program. It does not mean you should charge exactly $1260; rather, it is the ceiling for the subsidy payment.
To understand if this makes sense for your property, compare it against the typical market rents in the area. Unfortunately, the specific average market rent for ZIP 64144 is currently not available. However, knowing the FMR can still help you set a reasonable rent that aligns with HUD's guidelines.
The percentage of renters in ZIP 64144 is also not available, but this metric would typically indicate the level of demand for rentals in the area. If the renter share is high, it suggests a strong potential for occupancy.
Regarding the acquisition cost of properties in ZIP 64144, the specific median home value is not available. However, understanding the local real estate market can give you insights into whether the FMR covers a significant portion of your monthly costs.
A key consideration when deciding to participate in Section 8 as a landlord is verifying that your property meets the required standards set by HUD. These standards ensure that the rental unit is safe, decent, and affordable. Before finalizing your decision, inspect your property to confirm compliance with these standards, which include but are not limited to, structural integrity, electrical safety, and pest control.
In summary, while specific local data points such as average market rent and median home value are not available, you can use the FMR of $1260 to guide your decisions on setting rent and assessing the financial viability of participating in the Section 8 program. Ensure your property meets HUD's standards to avoid any issues down the line.
Data Sources: FMR data from HUD (2027).
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.