Location: St. Joseph, MO | Metro: St. Joseph, MO-KS MSA
| 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 |
U.S. Census Bureau data (2024)
The ZIP code 64430 stands out in several key ways. With a population of only 823 residents, it is one of the smallest ZIP codes in the county. Just 9.1% of these residents are renters, indicating a predominantly owner-occupied community. The median household income is $75,577, which is relatively high, suggesting that most residents have stable financial situations. The median home value in this ZIP is $267,840, further supporting the notion that it is an area where homeownership is common and valued.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for the ZIP code 64430 has been set at $900 for fiscal year 2024. This figure is particularly noteworthy because there is currently no available data on the market rent for the area. This discrepancy highlights the potential gap between government-set rental standards and actual market conditions, which could be significant for landlords operating in this ZIP code.
The combination of a high median income and a high median home value suggests that the ZIP code 64430 is likely to be considered stable. Despite the low percentage of renters, the presence of Section 8 vouchers can still provide a reliable source of income for landlords who choose to participate. However, the lack of market rent data means that landlords should be cautious when setting their own rents, ensuring they align with the FMR to remain competitive and attractive to voucher holders.
Given the limited rental market and the high cost of homeownership, the ZIP code 64430 appears to be stable rather than transitional. Landlords and small-portfolio investors should consider the local economic context and the reliability of Section 8 payments when making investment decisions 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.