Location: St. Joseph, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 64440 within the St. Joseph, MO-KS MSA highlights a favorable cashflow scenario. The HUD Fair Market Rent (FMR) for FY 2024 is set at $1050, while the Census ACS reports an average market rent of $940. This indicates that voucher tenants will generally cashflow positively at the FMR rate, providing a margin of $110 per unit above the local market average.
To further contextualize the investment potential, consider the median home value of $319,023 in this area. By dividing the annualized FMR ($12,600) by the median home value, we derive a rent-to-price ratio of approximately 0.04, or 4%. This suggests that rental income represents a modest portion of the property's value, which could be advantageous for investors seeking stable, long-term returns.
Note that the data does not provide specific information on the median days on market (DOM) or the percentage of homes that experience price cuts. However, these metrics would typically influence the decision between renting and buying. Given the positive cashflow from voucher tenants and the relatively low rent-to-price ratio, the primary focus should be on the rental market dynamics.
The strongest angle for investors in ZIP 64440 is cashflow. With voucher rates exceeding market rents and a moderate rent-to-price ratio, investors can expect consistent, positive cashflow from their properties, making this an attractive market for those prioritizing financial stability over rapid appreciation.
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.