Location: Daviess County, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 64497 is situated in a small, tight-knit community with a total population of 488 residents. Only 18.0% of these residents are renters, indicating a predominantly owner-occupied area. The median household income here is strong at $69,250, which suggests a middle-class neighborhood where most families can afford their homes. The median home value stands at $287,947, reflecting the local real estate market's stability and the typical cost of homeownership in the area.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 64497 as set for fiscal year 2024 is $880. This figure is notably higher than the reported market rent of $630, based on recent Census ACS data. This discrepancy presents an opportunity for landlords and small-portfolio investors to potentially increase rents while still remaining within the federally subsidized voucher limits, thus improving cash flow.
Given these conditions, ZIP 64497 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively low percentage of renters and the high FMR compared to market rates make it easier to find tenants who qualify for Section 8 vouchers, ensuring steady occupancy and predictable income. On the other hand, hands-on value-add buyers can leverage the gap between FMR and market rent to renovate properties and command higher rents, all while benefiting from the voucher program's support. The combination of a stable median income and a moderate median home value provides a solid foundation for either investment strategy.
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.