Section 8 Fair Market Rent (FMR) for ZIP 64198 - 2027

FY 2027 Fair Market Rent Rates

The neighborhood in ZIP 64198, located in Kansas City, MO, has a median age of 36.3 years, indicating a relatively young demographic. However, specific data on the total population, percentage of renters, and median income for this ZIP code is not readily available. The median home value in ZIP 64198 is $178,000, reflecting a modest residential market.

In terms of rent economics, the Fair Market Rent (FMR) for ZIP 64198 is set at $1190 for the fiscal year 2024. While precise figures on market rent are not provided, the FMR serves as a benchmark for assessing affordability and demand. Given that the FMR is often lower than market rents, it suggests that there might be a segment of the rental market catering to moderate-income families and individuals.

For Section 8 investors, ZIP 64198 presents a mixed opportunity. A hands-off voucher operator might find the area suitable, given the FMR aligns well with the program's guidelines and the neighborhood's modest home values. However, the lack of detailed income data makes it challenging to assess the broader economic context fully.

A hands-on value-add buyer could also consider this area, especially if they aim to improve properties and potentially command higher rents once the improvements are made. The median home value indicates room for growth, particularly if the improvements align with the needs and preferences of the local residents.

Ultimately, ZIP 64198 appears to be a manageable market for both hands-off and hands-on Section 8 investors, depending on their investment strategy and willingness to engage actively in property management and enhancement.

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.