Location: St. Clair County, MO | Metro: Hickory County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,230 |
| 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 64738 is primarily characterized by a modest rental market presence, with only 9.3% of the population being renters. Given the total population of 1,368, this equates to approximately 127 individuals who might be seeking rental accommodations. The median household income stands at $61,493, which provides some context for the economic landscape of the area.
In terms of Section 8 tenant pools, the demand for rental vouchers is not particularly deep. The market rent in this area is $1,031 per month, representing roughly 19.7% of the median household income. This figure is calculated by dividing the market rent by the median household income and multiplying by 100. The Fair Market Rent (FMR) for the metro area, set at $1,110 for FY 2026, is slightly higher than the current market rent, indicating that landlords in 64738 could potentially see an increase in rental values as the year progresses.
A landlord operating in ZIP 64738 should anticipate tenants who are likely to have a lower income relative to the national average, given the median household income of $61,493. These tenants will be sensitive to rent increases and may require assistance through housing vouchers. While the percentage of renters is relatively low, the income-to-rent ratio suggests that those seeking rentals may heavily rely on financial aid to cover their living expenses. Therefore, landlords must be prepared to navigate the complexities of Section 8 programs, including the necessary paperwork and income verification processes.
The FMR benchmark serves as a guide for the maximum amount that a Section 8 voucher can cover. Since the market rent is below this benchmark, it makes the ZIP code attractive for tenants using vouchers. However, the scarcity of renters means that competition for these vouchers might be fierce among potential tenants. Landlords should also consider the broader economic environment and how it affects the ability of tenants to pay rent even with vouchers.
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.