Location: Nodaway County, MO | Metro: Gentry County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $890 for ZIP 64479 in fiscal year 2026 will sufficiently cover the mortgage on a typical home. According to recent data, the median home value in ZIP 64479 is around $101,800. Given this figure, let's consider the mortgage rates. As of now, the exact mortgage rate for a home in ZIP 64479 is not specified, but it's important to note that the FMR is set to ensure affordability for low-income households. Therefore, while the FMR might not cover a high-end mortgage, it should be sufficient for a modest home purchase, especially considering the relatively low median home value.
The investor might also doubt if there is sufficient rental demand at 21.6% of housing units being renter-occupied. However, the data shows that the rental vacancy rate in ZIP 64479 is approximately 5.1%. This suggests a healthy rental market with a reasonable balance between supply and demand. While the percentage of renter-occupied units is lower than some areas, the low vacancy rate indicates that there is steady demand for rental properties.
Another concern is whether housing vouchers will keep pace with market rents, which are currently at $856. Unfortunately, the data does not provide specific information regarding the trend of housing voucher amounts in ZIP 64479. However, historically, voucher amounts have adjusted to maintain affordability as rental prices fluctuate. It's crucial to monitor local HUD announcements and trends to ensure that the voucher program remains viable for covering market rents.
In summary, while the FMR of $890 might not cover an extravagant mortgage, it should be adequate for a modest home in ZIP 64479 given the median home value. The rental market appears to be stable with a low vacancy rate, indicating a consistent demand for rental properties. Lastly, although there is limited data on housing voucher trends, they generally adjust to keep pace with market rents, making them a reliable source of income for landlords in this area.
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.