Location: Harrison County, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,410 |
| 5 Bedrooms | $1,636 |
| 6 Bedrooms | $1,832 |
| 7 Bedrooms | $1,979 |
| 8 Bedrooms | $2,078 |
U.S. Census Bureau data (2024)
The ZIP code 64670 is situated in a neighborhood that is primarily residential, with a small population of 1,007 residents. This area has a relatively low percentage of renters at 20.4%, indicating a community where homeownership is more prevalent. The median household income in this ZIP code is $52,083, which suggests a middle-class neighborhood. The median home value stands at $301,281, reflecting the typical cost of homeownership in the area.
Moving into the economic landscape of renting, the Fair Market Rent (FMR) for ZIP 64670 in fiscal year 2024 is set at $880. In contrast, the market rent, as per the latest Census ACS data, is $636. This discrepancy between the FMR and the actual market rent highlights an opportunity for landlords and small-portfolio investors to potentially benefit from the higher subsidy rates offered by the Section 8 program.
Given these figures, ZIP 64670 could be suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the subsidy rate exceeding the market rent means that properties can be rented out with minimal risk and effort, ensuring steady cash flow. On the other hand, for hands-on investors looking to add value, the lower market rent compared to the FMR presents an opportunity to renovate and improve properties, then charge closer to the FMR, thereby increasing profitability.
The decision on whether to adopt a hands-off or hands-on approach should consider the broader context of the neighborhood's needs and potential for improvement. However, the financial data clearly indicates that there is room for either strategy to succeed, given the favorable subsidy rates relative to current market conditions.
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.