Location: Nodaway County, MO | Metro: Nodaway County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,990 |
| 5 Bedrooms | $2,308 |
| 6 Bedrooms | $2,585 |
| 7 Bedrooms | $2,792 |
| 8 Bedrooms | $2,932 |
U.S. Census Bureau data (2024)
The median income in ZIP code 64461 stands at $63,750, while the market rate for rent is $939 according to Census ACS data. This suggests that households in this area may find it challenging to afford market-rate rents without significant financial strain. To put this into perspective, a household earning the median income would allocate approximately 18% of their annual income towards rent, which is within the recommended range but still represents a considerable portion of disposable income.
Comparatively, the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026 is $1,000. This means that voucher payments, designed to cover a substantial portion of the rent, align closely with the market rate, offering a slight advantage over paying out-of-pocket. The FMR being just above the market rate indicates that voucher holders have a bit more negotiating power when it comes to securing housing.
In ZIP 64461, only 15.1% of the 768 residents are renters. This relatively low percentage of renters implies that the competition among landlords could be fierce, as there is a limited pool of potential tenants. Landlords must consider how to attract and retain these renters effectively, especially given the affordability gap between median incomes and market rents.
For landlords weighing voucher versus cash-pay strategies, the data points to a strategic opportunity in accepting vouchers. Given the close alignment between the voucher payment standard and the market rate, landlords can expect steady rental income with less risk of vacancy. While cash-paying tenants might offer slightly higher rates, the stability provided by voucher holders, combined with the slight edge they have in negotiating rent, makes them an attractive option. In conclusion, landlords in ZIP 64461 should seriously consider accommodating voucher holders to ensure a consistent tenant base in a competitive market.
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.