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 | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $134,440 | 0.83% | C |
| 3BR | $1,420 | $181,163 | 0.78% | D |
| 4BR | $1,640 | $239,209 | 0.69% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 64507, located in Saint Joseph, Missouri, within the St. Joseph, MO-KS MSA metro area, presents an interesting scenario. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1000, which is significantly higher than the market rent of $883 reported by the Census Bureau's American Community Survey (ACS). This discrepancy suggests that landlords could potentially charge more than the current market rate without losing tenants.
Regarding property acquisition, the median home value stands at $165,317, making it relatively affordable for small-portfolio investors looking to enter the market. However, the lack of data on days on market (DOM) and the low percentage of properties requiring price cuts (0.2%) indicate that while the purchase price is reasonable, the competition for homes might be fierce, keeping the market somewhat tight.
Tenant demand is robust in this area. With a total population of 13,991 and a renter share of 32.9%, there is a significant number of individuals seeking rental housing. This demand can help ensure steady occupancy rates for landlords who manage their properties effectively.
In summary, the rent math in ZIP 64507 works favorably for landlords due to the higher FMR compared to the market rent. Acquisition costs are manageable, although competition may be high. Tenant demand is strong, supporting a healthy rental market. Landlords should capitalize on the potential to charge above the current market rent and leverage the existing demand to maintain occupancy and profitability.
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.