Section 8 Fair Market Rent (FMR) for ZIP 64645 - 2027
Location: Sullivan County, MO | Metro: Mercer County, MO
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $740 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$53,125
When considering whether to invest in ZIP code 64645 for Section 8 properties, follow this decision tree:
- Does FMR $1,020 (metro FY 2026) clear debt service on a N/A property?
- Yes: If your property's debt service can be fully covered by the FMR of $1,020, then you're starting on solid ground. This ensures that the rental income will meet the mortgage payments and other costs.
- No: If the FMR does not cover your debt service, investing in Section 8 properties in this ZIP code would likely result in financial losses. You must ensure that the FMR is sufficient to meet all financial obligations associated with the property.
- Is market rent $340 (Census ACS) above, at, or below FMR?
- Above: With market rents higher than the FMR, there's potential for additional income if you choose to rent outside of the Section 8 program. However, for strict Section 8 investment, this comparison is less relevant.
- At or Below: Market rents at or below the FMR suggest limited upside for non-Section 8 tenants, making the program the primary focus for rental income. Ensure that the FMR covers your costs comprehensively.
- Are 13.3% renters + N/A-day DOM enough demand?
- Yes: If the percentage of renters is high and days on market (DOM) are low, there's strong demand for rental properties in this area. This supports a positive outlook for both Section 8 and market-rate rentals.
- No: Low demand, indicated by either a lower percentage of renters or higher DOM, means that finding tenants could be challenging. This ZIP code might not be ideal for Section 8 investments.
- It Depends: If the percentage of renters is marginal and DOM varies widely, the success of your investment hinges on other factors such as location within the ZIP code, property condition, and competition.
The final decision on whether to buy in ZIP 64645 for Section 8 investment hinges on these three key points. The FMR of $1,020 must sufficiently cover your debt service. Market rents at $340 indicate that the ZIP code is below the FMR, which aligns well with Section 8 tenant expectations. Lastly, the demand for rental properties, as reflected by the 13.3% of renters and the unspecified DOM, plays a crucial role in determining the viability of your investment.
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.