Location: Bates County, MO | Metro: Bates County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The median income in ZIP code 64723 stands at $63,500, which paints a picture of financial stability but also highlights challenges in housing affordability. The market rate for rent, according to the Census ACS, is $588. This figure represents a significant portion of the average household's income, indicating that many residents might find it difficult to secure housing without assistance.
Comparatively, the Fair Market Rent (FMR) set by HUD for this ZIP code for fiscal year 2024 is $910. This standard is considerably higher than the market rate, suggesting that families receiving vouchers could potentially access a wider range of housing options. However, the discrepancy between the FMR and the actual market rate also implies a substantial affordability gap for those without financial aid.
With only 18.9% of the 452-person population being renters, the competition among landlords in this area is likely to be moderate. Given the relatively low number of renters, landlords must carefully consider their tenant selection strategies to ensure steady occupancy and profitability.
The takeaway for landlords considering voucher versus cash-pay strategies is clear. While voucher tenants provide a guaranteed income stream through government payments, landlords should be aware that the FMR of $910 exceeds the current market rate. Accepting voucher tenants may limit the pool of available units due to the higher rental standards, whereas focusing on cash-paying tenants might offer more flexibility but requires a keen understanding of the local income dynamics and a willingness to price competitively.
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.