Location: Daviess County, MO | Metro: Daviess County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 64620 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $890 per month for fiscal year 2026. This is the maximum amount that the Housing Choice Voucher program will pay for a two-bedroom unit in this area. However, the local market rent, based on Census ACS data, averages at $725 per month.
Landlords should understand that the voucher payment does not cover the entire rent. Tenants must contribute a portion of their income towards the rent, typically 30% of their adjusted monthly income. For ZIP 64620, if we assume an average tenant contribution, it would be around $300-$400 per month. This figure can vary depending on the tenant's income level.
In addition to the base rent, there are utility allowances which are also considered when calculating the total voucher reimbursement. These allowances are designed to cover the cost of utilities such as electricity, water, and gas. The utility allowance varies but is usually a fixed amount per bedroom size. For a two-bedroom apartment, the utility allowance might be around $200-$300 per month.
To walk through the calculation, let's use the upper limit of the SAFMR ($890) and the average market rent ($725). If a tenant contributes $400 and receives a utility allowance of $300, the total voucher reimbursement would be $700. This leaves a $25 surplus compared to the local market rent. In other words, landlords in ZIP 64620 receive slightly more than the average market rent when renting to tenants with vouchers.
The typical reimbursement gap or surplus for a two-bedroom apartment in ZIP 64620 is thus a positive $25, indicating that landlords can expect to earn a bit above the local market rate when accepting Section 8 vouchers. This makes participating in the Section 8 program financially viable for landlords in this area.
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.