Location: St. Joseph, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
The ZIP code 64484 is a small, predominantly owner-occupied neighborhood with a total population of 940 residents. Only 17.4% of the households in this area are renters, indicating a strong preference for homeownership among the local populace. The median household income stands at $77,917, which suggests a middle-class community capable of supporting various housing options. The median home value in the region is $228,668, reflecting a modest but stable real estate market.
Transitioning into the economic realities of renting, the Fair Market Rent (FMR) for ZIP 64484 as set by HUD for fiscal year 2024 is $1050. However, the actual market rent, according to the Census Bureau's American Community Survey (ACS), is lower at $850. This discrepancy indicates an opportunity for landlords who can leverage the higher FMR to attract Section 8 tenants, thereby potentially increasing rental income above the local market rate.
Does this place fit a hands-off voucher operator or a hands-on value-add buyer? Given the low percentage of renters and the modest median home value, it is more suited to a hands-on approach. A value-add buyer could capitalize on the disparity between the FMR and the current market rent by improving properties to meet the higher voucher standards, thus commanding the higher rent rates. Additionally, the relatively high median income supports the potential for successful Section 8 tenancy without significant financial strain on the tenants, ensuring a steady stream of rental income for the landlord.
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.