Location: Nodaway County, MO | Metro: St. Joseph, MO-KS MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,230 | $271,330 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 64427 is characterized by a modest rental population. With a total population of 582, only 25.2% are renters, indicating that it is primarily a homeowner-dominated area. This suggests that the demand for housing vouchers under the Section 8 program is relatively limited compared to areas with higher percentages of renters.
The median household income in this ZIP code is $62,917, which provides a benchmark for evaluating the affordability of rents. The current market rent stands at $810, representing approximately 14.3% of the median household income when calculated on an annual basis. This percentage is derived from dividing the monthly rent by the yearly income ($810 * 12 / $62,917 = 14.3%).
In comparison to the Fair Market Rent (FMR) set at $880 for fiscal year 2024, the actual market rent is slightly lower. This means that landlords in ZIP 64427 can expect their properties to be somewhat more attractive to tenants seeking housing assistance, as the rent is below the FMR threshold.
A landlord in this ZIP code should anticipate a tenant pool that includes individuals and families who are financially stable enough to afford market rents without significant reliance on housing vouchers. However, there will still be some tenants who may require vouchers, especially those whose income is closer to the poverty line or who have other financial constraints. Given the low percentage of renters, these voucher-seeking tenants will likely be a smaller portion of the overall rental market.
To summarize, while ZIP 64427 offers a rental market that is somewhat affordable relative to the median income, the primary characteristic is a strong homeowner base. Landlords should prepare for a mix of tenants, but the majority will be able to pay market rates without extensive voucher support.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.