Location: Nodaway County, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
U.S. Census Bureau data (2024)
The ZIP code 64423, located in Nodaway County, Missouri, serves as an ideal cash-flow anchor within a Section 8 portfolio strategy. This designation is based on the significant spread between the Fair Market Rent (FMR) and the actual market rental rates. For fiscal year 2024, the FMR for ZIP 64423 is set at $990, while the current market rate stands at $492. This means that landlords participating in the Section 8 program can expect to receive a higher rent payment than what the market would typically offer, effectively anchoring their cash flow.
The guaranteed rental income from the Section 8 program provides stability and predictability, especially in areas where market rents are lower. In ZIP 64423, the difference between the FMR and the market rate indicates a strong potential for positive cash flow. Landlords should note that the median home value is not available, which suggests a focus on rental properties rather than owner-occupied homes in this area.
The median income in ZIP 64423 is $58,854, indicating a moderate economic base that supports the demand for affordable housing. With a 22.9% renter share, there is a substantial portion of the population who are likely to qualify for the Section 8 program, ensuring a steady stream of tenants. The lack of percentage for price-cut share and days on market (DOM) implies that the primary focus should be on rental income rather than speculative investment in property appreciation.
In summary, ZIP 64423 is best suited as a cash-flow anchor in a Section 8 portfolio due to the favorable spread between the FMR and market rental rates. Landlords will benefit from stable, predictable income, which is crucial for managing financial risks and ensuring long-term profitability.
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.