Section 8 Fair Market Rent (FMR) for ZIP 64401 - 2027

Location: St. Joseph, MO | Metro: St. Joseph, MO-KS MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$820
1 Bedroom	$830
2 Bedrooms	$1,060
3 Bedrooms	$1,350
4 Bedrooms	$1,570
5 Bedrooms	$1,821
6 Bedrooms	$2,040
7 Bedrooms	$2,203
8 Bedrooms	$2,313

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,757

Median Household Income

$99,398

Housing Units

689

Renter Percentage

2.0%

Occupancy Rate

94.3%

Renter Occupied

The ZIP code 64401, located in Independence, Missouri, offers a unique blend of suburban charm and urban convenience, making it an intriguing area for real estate investment. This region is characterized by a mix of residential neighborhoods and commercial developments, providing ample opportunities for both landlords and small-portfolio investors.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 64401 for fiscal year 2024 is set at $920, indicating a stable rental price point for government-assisted housing programs.
The average market rent for properties in this ZIP code stands at $1,031, according to the latest Census American Community Survey (ACS) data, suggesting that the local rental market slightly exceeds the FMR.
The median home value in ZIP 64401 is $326,325, which reflects a moderate cost of living and property acquisition for potential homeowners and investors alike.
Renters make up only 2.0% of the total population in this ZIP code, highlighting a strong preference for homeownership over renting among residents.
The Days on Market (DOM) data is currently unavailable, but this metric is crucial for understanding how quickly properties sell in the area.
The median household income in ZIP 64401 is $99,398, providing insight into the financial stability and purchasing power of the local residents.

In summary, ZIP 64401 presents a market where rental prices are slightly above the FMR, and the median home value is moderate. The low renter share suggests that the demand for rentals may be lower compared to other areas, but the relatively high median income indicates that residents have the financial capacity to support higher rents. For investors, focusing on properties that cater to homeownership or finding ways to attract the limited rental market could be key strategies for success in this area.

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.