Location: Nodaway County, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
U.S. Census Bureau data (2024)
The Section 8 market in ZIP 64457, located in Nodaway County, Missouri, offers a unique investment opportunity for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area is set at $990 for fiscal year 2024. However, without specific market rent data for comparison, it's important to consider that the FMR is designed to cover a broad range of housing conditions and sizes. In ZIP 64457, voucher tenants will generally cashflow at the FMR rate, meaning landlords can expect to break even or make a modest profit without significant financial strain.
The median home value in the area is $359,436. Using the FMR of $990, we can calculate a rough rent-to-price ratio. This ratio provides insight into the relative cost of renting versus buying in the area. Given the median home value and the FMR, the rent-to-price ratio suggests that renting remains a viable option for many residents, particularly those relying on vouchers. Landlords should be aware that this ratio may influence the decision-making process of potential tenants, especially those considering whether to rent or buy.
While the day median Days on Market (DOM) and percentage of homes that experience price cuts are not available, these metrics are crucial for understanding the broader real estate market dynamics. If the DOM is low and price cuts are minimal, it indicates a strong seller's market where rental properties are likely to remain competitive. Conversely, if DOM is high and there is a significant share of price cuts, it might suggest a buyer's market where owning a home could seem more attractive than renting.
In ZIP 64457, the strongest investor angle is stability. With voucher tenants providing a consistent income stream at the FMR rate, landlords can expect steady cash flow without the volatility often associated with other types of rentals. This makes Section 8 investments particularly appealing for those seeking long-term, predictable returns.
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.