Location: Nodaway County, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 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 ZIP code 64455 is situated in a rural setting, primarily characterized by its small population size of 292 residents. This area has a modest rental market, with 22.2% of the population being renters. The median household income in this region is $53,864, indicating a middle-class community. However, the lack of data on median home values suggests that this ZIP code might have limited housing stock or a significant portion of its land dedicated to agriculture or other non-residential uses.
Moving into the specifics of the rental market, the Fair Market Rent (FMR) for ZIP 64455 in fiscal year 2024 is set at $990. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $415. This discrepancy highlights a potential opportunity for investors who can leverage the higher FMR to secure Section 8 contracts while offering units at a lower market rate.
Given these conditions, ZIP 64455 would likely appeal more to a hands-on value-add buyer rather than a hands-off voucher operator. The lower market rents suggest that there is room to improve property quality and still remain competitive with the government-subsidized rates. A hands-on approach could involve renovating existing properties to meet the standards required for Section 8 tenancy, thereby increasing their value and rental income. For those willing to take on such a project, the potential rewards include steady cash flow from government-backed leases and the possibility of long-term appreciation in property value as the area develops.
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.