Location: Putnam County, MO | Metro: Mercer County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,490 |
| 5 Bedrooms | $1,728 |
| 6 Bedrooms | $1,935 |
| 7 Bedrooms | $2,090 |
| 8 Bedrooms | $2,195 |
U.S. Census Bureau data (2024)
The ZIP code 64672 presents an interesting scenario for both renters and landlords. Given the median income of $43,250, it becomes evident that the market rate for rental properties, which is currently unavailable, significantly exceeds the financial capacity of most households in this area. This disparity highlights the challenges faced by renters in affording suitable housing.
In comparison, the Fair Market Rent (FMR) set at $950 for metro FY 2026, which is the standard voucher payment, aligns much better with the economic realities of the residents. This figure suggests that government assistance through vouchers could make renting more accessible for many families in 64672.
With only 5.7% of the population being renters and a total population of 185, the competition among landlords for tenants is relatively low. However, this also means that there is limited demand for rental properties, which could affect occupancy rates and the overall profitability of rental investments.
The affordability gap in 64672 has several implications for landlords. Firstly, focusing on cash-paying tenants might be challenging due to the limited number of potential renters and their lower income levels. Secondly, accepting Section 8 vouchers could be a viable strategy to ensure steady occupancy and maintain a stable cash flow. The FMR of $950 provides a benchmark for setting competitive rental rates while complying with voucher requirements.
Takeaway: Landlords in ZIP 64672 should consider the local economic conditions and the high reliance on government assistance when deciding between voucher and cash-pay strategies. Given the median income and the proportion of renters, prioritizing Section 8 vouchers could be a strategic approach to attract tenants and secure long-term occupancy.
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.