Location: St. Joseph, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 64480 in fiscal year 2024 is set at $910. This figure represents the payment standard for Section 8 vouchers, which is the maximum amount that the Housing Choice Voucher program will pay on behalf of eligible tenants. It's important to note that this does not represent the total rent you can charge; it's the portion covered by the voucher.
In ZIP 64480, the local median rent is currently N/A. However, using the FMR as a benchmark, you can estimate that your rent should be set at a level where 7.0% of the units are affordable to those receiving Section 8 assistance. This means there is a steady demand for affordable housing in this area, making Section 8 rentals a reliable choice for landlords and small-portfolio investors.
The acquisition cost of a property in this ZIP code is approximately $299,833. When deciding whether to enter the Section 8 market, consider that this is the average price point for a home. With the FMR at $910, landlords can expect a stable income stream, knowing that the government will cover a significant portion of the rent.
To ensure the viability of your investment, verify that your property meets all the required standards set by the local housing authority. These standards include safety, habitability, and cleanliness, ensuring that the property is suitable for low-income families. Compliance with these standards is crucial as it directly affects your ability to participate in the Section 8 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.