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 | $870 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,130 |
| 3 Bedrooms | $1,440 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,130 | $106,569 | 1.06% | B |
| 3BR | $1,440 | $168,864 | 0.85% | C |
U.S. Census Bureau data (2024)
ZIP code 64504 is located in the city of Saint Joseph, Missouri, and encompasses a diverse residential area with a total population of 10,068. The neighborhood is characterized by a moderate rental presence, with 26.9% of residents being renters. The median household income here stands at $58,801, indicating a middle-class community. Median home values in the area are slightly below average at $130,404.
Moving into the economic analysis of renting in ZIP 64504, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $980. This compares closely to the actual market rent, which is reported at $958 according to the latest Census ACS data. These figures suggest that the rental market is fairly aligned with government standards, providing a stable environment for both landlords and tenants.
The question then arises: Is ZIP 64504 suitable for a hands-off voucher operator or a hands-on value-add buyer? Given the modest income levels and the alignment between FMR and market rents, hands-off operators can find comfort in the predictability of cash flows through Section 8 vouchers. However, for those inclined towards active management, opportunities exist to improve property values and potentially increase rents beyond the FMR, catering to the broader demographic of non-voucher tenants who might be willing to pay more based on the neighborhood's characteristics and amenities.
To conclude, ZIP 64504 presents a balanced scenario where both hands-off and hands-on investors can find their niche. For hands-off operators, the predictability and stability offered by the Section 8 program align well with the local economic conditions. For hands-on investors, there is potential to enhance property offerings and capture a segment of the market willing to pay above the FMR, thereby increasing returns and portfolio value.
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.