Section 8 Fair Market Rent (FMR) for ZIP 64689 - 2027

Location: Daviess County, MO | Metro: Daviess County, MO

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

422

Median Household Income

$62,206

Housing Units

236

Renter Percentage

10.5%

Occupancy Rate

72.9%

Renter Occupied

A landlord considering ZIP code 64689 for Section 8 investments must follow a structured decision-making process based on financial metrics and market conditions. The first step involves evaluating whether the Fair Market Rent (FMR) of $930 can cover the debt service on a property valued at $242,358. Debt service typically includes mortgage payments and other financing costs.

If the answer to the first question is yes, proceed to the second evaluation: compare the market rent of $714 against the FMR. In ZIP 64689, the market rent is below the FMR, which suggests that tenants might find it difficult to pay the higher FMR rates. This discrepancy indicates a potential risk in relying solely on Section 8 vouchers to meet rental income expectations.

The third consideration is assessing the rental demand. With 10.5% of residents being renters and the days on market (DOM) status marked as N/A, there's limited data to gauge the exact level of demand. However, a 10.5% rental rate implies a moderate interest in renting properties, but without knowing the DOM, it's challenging to determine if this demand is sufficient to support timely tenancy turnover.

Decision Tree:

Does FMR of $930 cover debt service on a $242,358 property?
- Yes: Proceed to evaluate market rent versus FMR.
- No: Do not invest in ZIP 64689 for Section 8 properties.
Is market rent of $714 above, at, or below FMR?
- Below FMR: Consider the risk of lower market rents and decide if the gap between FMR and market rent can be bridged by other means.
- Above or at FMR: This scenario would be more favorable, reducing the risk associated with lower market rents.
Are 10.5% renters + N/A-day DOM enough demand?
- It Depends: A 10.5% rental rate suggests moderate demand, but the lack of DOM data makes it uncertain whether this demand will sustain occupancy rates. Additional research into local rental trends and vacancy rates is recommended.

In conclusion, investing in ZIP 64689 for Section 8 properties hinges on whether the FMR can cover debt service and if the market rent is sufficiently high. The moderate rental rate and unclear DOM suggest that while there is some demand, it is not robust enough to guarantee success without further investigation into local market dynamics.

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.