Section 8 Fair Market Rent (FMR) for ZIP 64444 - 2027

Location: St. Joseph, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area

Investment Score for ZIP 64444

N/A

Monthly Rent (2BR)

$1,070

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$860
1 Bedroom	$940
2 Bedrooms	$1,070
3 Bedrooms	$1,390
4 Bedrooms	$1,650
5 Bedrooms	$1,914
6 Bedrooms	$2,144
7 Bedrooms	$2,316
8 Bedrooms	$2,432

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,390	$343,611	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,043

Median Household Income

$68,482

Housing Units

490

Renter Percentage

31.8%

Occupancy Rate

98.8%

Renter Occupied

154

The ZIP code 64444, located in the heart of Independence, Missouri, offers a stable market for real estate investment, particularly for those interested in Section 8 properties. The area is known for its blend of suburban living and access to urban amenities, making it attractive for both homeowners and renters.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 64444 for fiscal year 2024 is set at $1050. This figure provides a benchmark for rental prices that are eligible under the Section 8 program.
The average market rent for properties in this ZIP code, according to the latest Census American Community Survey (ACS), stands at $611. This indicates that properties within the FMR range can still offer competitive pricing compared to the broader market.
The median home value in ZIP 64444 is $342,021. This suggests that the area has a solid foundation for property values, which can be beneficial for long-term investments.
Renters make up 31.8% of the housing units in this ZIP code, showing a significant portion of the population relies on rental properties, including those supported by Section 8 vouchers.
The median household income in the area is $68,482, providing insight into the financial capabilities of potential tenants and their likelihood to qualify for assistance programs.

Synthesizing these points, investors looking to enter the Section 8 market in ZIP 64444 will find a balanced environment. With the FMR significantly higher than the average market rent, there's room for profit while remaining affordable for voucher holders. The substantial renter share and median income levels indicate a healthy demand for subsidized housing and a pool of qualified tenants. However, the lack of data on days on market (DOM) suggests a need for further research into how quickly properties might be leased, but overall, the ZIP presents a promising opportunity for steady returns through Section 8 tenancy.

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.