Location: St. Joseph, MO | Metro: St. Joseph, MO-KS MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,240 | $305,982 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 64483 presents a dynamic rental market characterized by a strong alignment between Fair Market Rent (FMR) and actual market rents. The FMR for the area is set at $900 for fiscal year 2024, while the Census ACS data indicates a market rent of $830. This suggests that the rental market is robust and likely experiencing a slight upward pressure on rents, as landlords aim to meet or exceed the FMR benchmark.
The median home value in ZIP 64483 stands at $267,098, which provides a baseline for assessing the overall economic health and affordability of the region. While specific figures for price-cut share and days on market (DOM) are not available, the relatively close proximity of the FMR and market rent figures hints at a balanced market, neither excessively oversupplied nor undersupplied.
A noteworthy statistic is the 7.9% renter share, indicating that a significant portion of the population opts for renting over homeownership. This trend points towards ongoing long-term housing pressure, as a substantial number of residents may find it challenging to purchase homes at the current median value. For landlords and small-portfolio investors, this suggests a steady demand for rental properties, driven by both affordability concerns and lifestyle preferences.
The snapshot of the market in ZIP 64483 reveals a scenario where demand remains consistent, supported by the high renter share and competitive rental rates. Investors should be attentive to local economic indicators and trends to ensure their properties remain attractive and well-priced. With a median home value that is accessible to many potential buyers, the market may also see some fluctuation in the balance between renters and homeowners, depending on broader economic conditions and individual financial situations.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.