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 | $830 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,600 |
| 5 Bedrooms | $1,856 |
| 6 Bedrooms | $2,079 |
| 7 Bedrooms | $2,245 |
| 8 Bedrooms | $2,357 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,080 | $116,854 | 0.92% | C |
| 3BR | $1,380 | $153,791 | 0.9% | C |
| 4BR | $1,600 | $174,930 | 0.91% | C |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 64501 in Saint Joseph, Missouri, for fiscal year 2024 is set at $900. This figure represents the maximum amount the U.S. Department of Housing and Urban Development (HUD) will pay toward a tenant's rent through the Section 8 program. It is important to note that this is not the actual rent you can charge your tenants; it is the reimbursement limit for landlords participating in the Section 8 program.
To put this into context, the local Zillow Observed Rent Index (ZORI) for the area is currently at $842. This means that the average market rent for a two-bedroom apartment in Saint Joseph is slightly below the FMR. However, the Section 8 program's payment standard is designed to reflect a broader housing market, including various sizes and types of units, which might explain the slight difference.
The demand for rental properties in Saint Joseph is strong, with renters making up 50.8% of the total population. This high percentage indicates that there are many potential tenants who could benefit from the Section 8 program and would be interested in renting your property.
If you're looking to acquire a new property in Saint Joseph for your first Section 8 rental, the median home value is around $125,094. This figure can help you gauge the investment required to purchase a property that meets the eligibility criteria for the Section 8 program.
Before you decide to participate in the Section 8 program with a rental property in ZIP 64501, ensure that the property meets all HUD’s minimum property standards (MPS). These standards are in place to guarantee that the homes are safe, decent, and sanitary for residents. Failure to comply with these standards can result in penalties and disqualification from the program.
In summary, while the FMR of $900 is the reimbursement cap, the local market rent is slightly lower at $842. With over half of the population being renters, demand is robust. A median home value of $125,094 provides insight into the typical cost of acquiring a property. To proceed, verify that your property complies with HUD’s minimum property standards.
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.