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 | $930 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,200 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,200 | $151,552 | 0.79% | D |
| 3BR | $1,530 | $271,510 | 0.56% | F |
| 4BR | $1,780 | $409,800 | 0.43% | F |
| 5BR | $2,065 | $532,343 | 0.39% | F |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors targeting ZIP 64505 in Saint Joseph, Missouri reveals a favorable environment for rental properties. The Fair Market Rent (FMR) set by HUD for FY 2024 is $1030, which is slightly above the average market rent of $1,007 according to Census ACS data. This indicates that voucher tenants can provide a positive cash flow at the HUD FMR rate, making it an attractive option for landlords and small-portfolio investors.
To further evaluate the investment potential, consider the median home value of $219,060 in the area. The rent-to-price ratio can be calculated by dividing the annual rent ($1007 * 12 months = $12,084) by the median home value. This results in a ratio of approximately 5.5%, suggesting that rental income is relatively low compared to property values. However, this also implies that the area is primarily focused on rental properties rather than homeownership, which could stabilize the rental market over time.
The dynamics between renting and buying are not significantly impacted by the current market conditions, as the median Days on Market (DOM) is listed as N/A and the price-cut share is only 0.2%. These figures suggest that homes in the area do not typically sit unsold for long periods nor do they often require substantial price reductions to sell, indicating a stable housing market.
In conclusion, the strongest investor angle in ZIP 64505 is cash flow. With the HUD FMR exceeding the average market rent and the relatively low rent-to-price ratio, landlords can expect to generate consistent positive cash flow from their properties, especially those that meet the criteria for premium units. This makes the area particularly appealing for those seeking steady rental income without the risk associated with fluctuating property values.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.