Location: Carroll County, MO | Metro: Carroll County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The analysis for ZIP code 64622 in Bogard, MO, reveals a significant gap between the Fair Market Rent (FMR) set at $890 for the metro area in fiscal year 2026 and the actual market rent of $575 based on recent Census ACS data. This discrepancy amounts to a difference of $315 per month, representing a 55% gap between the two figures.
In this context, where the FMR exceeds the market rent, voucher tenants can be seen as a yield play. Landlords and small-portfolio investors can expect higher returns on their investments when renting to tenants with Section 8 vouchers. The government pays a substantial portion of the rent, often close to the FMR, which is notably above the current market rate. This scenario allows landlords to charge a rent closer to the FMR while still being competitive in the market.
However, it's important to anchor this analysis in broader economic indicators. In ZIP 64622, 25.2% of residents are renters, the median home value is $279,580, and the median household income stands at $80,577. These factors suggest a mixed-income community where the presence of Section 8 tenants could help stabilize occupancy rates without drastically reducing the overall profitability of the investment portfolio.
To summarize, the gap between FMR and market rent in ZIP 64622 presents an opportunity for higher yields when renting to voucher holders. The economic profile of the area supports this strategy, making it a viable option for landlords and small-portfolio investors looking to maximize returns.
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.