Location: St. Joseph, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
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 | $980 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,210 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,890 |
| 5 Bedrooms | $2,192 |
| 6 Bedrooms | $2,455 |
| 7 Bedrooms | $2,651 |
| 8 Bedrooms | $2,784 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,580 | $330,788 | 0.48% | F |
U.S. Census Bureau data (2024)
ZIP code 64439, located within the St. Joseph, MO-KS MSA, presents a unique profile compared to other ZIP codes in the same metropolitan area. The Fair Market Rent (FMR) for ZIP 64439 is set at $1050 for fiscal year 2024. This figure is crucial for landlords and small-portfolio investors interested in properties that cater to tenants eligible for housing assistance through Section 8.
The market rent in ZIP 64439 is significantly lower at $454. This indicates that the rental market in this area is more affordable compared to the average FMR, which could be an attractive feature for both landlords and low-income renters. Additionally, the median home value in ZIP 64439 stands at $327,572, which is relatively high when considering the below-average market rent.
The renter share in ZIP 64439 is 9.8%, suggesting that nearly 10% of households in this area are renters. This percentage is indicative of a diverse housing market where a significant portion of residents might benefit from the Section 8 program. Typically, a higher renter share combined with below-metro home values can signal a potential sweet spot for Section 8 investments, but in this case, the home values are above average, making it less straightforward to categorize.
Based on the provided figures, ZIP 64439 appears to be a mid-tier neighborhood within the St. Joseph, MO-KS MSA. While the home values are higher than the typical ZIP codes in the area, the market rents remain competitive. The FMR suggests that there is a government-supported threshold for rental costs, which landlords should consider when setting their own rates.
Investors looking to enter the Section 8 market should pay attention to the balance between FMR and market rent. Although the market rent is lower, the FMR is still a critical factor as it sets the limit for what the government will reimburse. Therefore, while ZIP 64439 may not be a value pocket due to its higher home values, it also falls short of being a premium sub-market because of its relatively lower market rents. It occupies a middle ground, offering opportunities for those who can navigate the nuances of the local rental market effectively.
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.