Location: Nodaway County, MO | Metro: Nodaway County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
U.S. Census Bureau data (2024)
The ZIP code 64432 presents an interesting scenario for both renters and landlords alike. The median income here stands at $76,250, which is a solid figure but does not directly correlate with the ability to afford the market rate rental costs due to the lack of specific data on those rates. However, we can infer some insights based on the available information.
The Fair Market Rent (FMR) for the metro area as of fiscal year 2026 is set at $950. This is the standard amount that Section 8 vouchers will cover. Given the median income, a household could potentially afford higher rent payments if they were to pay out-of-pocket, assuming typical spending habits and financial priorities.
With only 6.7% of the population renting, the competition among landlords is relatively low. However, this also suggests that the demand for rentals is not high, which might impact the number of potential tenants. The small rental population of 119 individuals further emphasizes this point, indicating that landlords need to be strategic in their approach to attract and retain tenants.
The affordability gap, represented by the difference between what households can afford and the FMR, is a critical consideration. If market rents exceed $950 significantly, it could deter renters who rely solely on vouchers. On the other hand, landlords who cater to cash-paying tenants might find themselves in a better position, given the higher income levels in the area.
Takeaway: Landlords in ZIP 64432 should consider the balance between voucher tenants and cash-paying tenants. While the voucher standard of $950 provides a clear benchmark, the potential for higher rents paid by cash-paying tenants exists. Landlords aiming to maximize occupancy and revenue should evaluate the local rental market closely, perhaps offering incentives or amenities that appeal to a broader range of renters, including those with higher incomes. This strategy can help mitigate the risks associated with relying too heavily on voucher programs while still remaining accessible to all segments of the rental market.
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.