Section 8 Fair Market Rent (FMR) for ZIP 64728 - 2027

Location: Vernon County, MO | Metro: Barton County, MO

Investment Score for ZIP 64728

N/A
Monthly Rent (2BR)
$960
Median Price (2BR)
$N/A
1% Rule
0%
Annual Yield
0%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size Monthly FMR
Studio$710
1 Bedroom$740
2 Bedrooms$960
3 Bedrooms$1,220
4 Bedrooms$1,440
5 Bedrooms$1,670
6 Bedrooms$1,870
7 Bedrooms$2,020
8 Bedrooms$2,121

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms Monthly FMR Median Price 1% Rule Grade
3BR $1,220 $211,950 0.58% F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
445
Median Household Income
$67,188
Housing Units
201
Renter Percentage
11.8%
Occupancy Rate
80.1%
Renter Occupied
19

The median income in ZIP code 64728 stands at $67,188, which places significant constraints on households looking to afford the market rate rent of $900. This figure is derived from the Census ACS data, highlighting the financial realities faced by renters in this area.

Interestingly, the Fair Market Rent (FMR) set by the federal government for metro areas in fiscal year 2026 is $890, nearly matching the market rate but still leaving little room for additional expenses. This parity suggests that while renters might be able to find housing within their budget, they will likely have limited options outside of voucher-supported units.

With only 11.8% of the 445-person population being renters, the competition among landlords is relatively low. However, this also means that the pool of potential tenants is smaller, making it crucial for landlords to consider both voucher and cash-pay strategies carefully.

To frame this from the renter's perspective, the affordability gap is stark. A household earning the median income would need to allocate a substantial portion of their earnings towards rent, even when using a voucher. The gap between the median income and the market rate highlights the necessity for subsidies like vouchers to make housing affordable.

Takeaway for Landlords:

  • Given the tight budgetary constraints of renters, properties that accept vouchers could attract a steady stream of tenants who otherwise struggle to meet the market rate.
  • However, landlords should also be aware that voucher payments might not fully cover the market rate, potentially leading to financial shortfalls.
  • A mixed strategy, where landlords offer a combination of voucher-accepted and market-rate units, could balance the risk and reward of their investments.

    • Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.