Location: Harrison County, MO | Metro: Gentry County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 64471 are straightforward. For a two-bedroom rental unit, the SAFMR (Small Area Fair Market Rent) for fiscal year 2026 is set at $950. This figure is specific to this ZIP code, meaning it reflects the fair market rent determined for this particular area.
However, the local market rent for a two-bedroom apartment, according to Census ACS data, is $844. This discrepancy between the SAFMR and the actual market rent can be significant for landlords when considering whether to accept Section 8 tenants.
A Section 8 voucher works by covering the difference between the SAFMR and what the tenant can afford to pay. Typically, the tenant's contribution is 30% of their adjusted income, which is then supplemented by the voucher to reach the SAFMR. In ZIP 64471, if the market rent is $844, and the SAFMR is $950, the voucher will cover the full SAFMR amount minus the tenant’s contribution.
To illustrate, if a tenant’s adjusted income is $1,000 per month, their contribution would be $300. The voucher would then cover the remaining $650 to meet the SAFMR of $950. However, since the actual market rent is lower at $844, the landlord receives the full $844, plus any additional utility allowances specified by the voucher program.
The typical utility allowance varies but can range from $100 to $300 per month. Assuming an average utility allowance of $200, the total reimbursement to the landlord would be $1,044 ($844 market rent + $200 utility allowance).
In summary, for a two-bedroom rental property in ZIP 64471, the landlord will receive the local market rent of $844 plus the utility allowance, making the total reimbursement higher than the SAFMR. This results in a surplus for the landlord, as the reimbursement exceeds the SAFMR of $950. Landlords should note that while the SAFMR is $950, they do not need to charge this amount; they can still collect the market rent and benefit from the additional utility allowance provided by the voucher program.
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.