Location: Vernon County, MO | Metro: Vernon County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,220 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 64741, located in Missouri, presents a unique challenge for both renters and landlords alike. The median income for households in this area stands at $44,271. However, without a specific market rate for rentals, it's critical to consider the Fair Market Rent (FMR) set by HUD for the metro area in fiscal year 2026, which is $900. This FMR is the benchmark used for determining the amount of rental assistance provided through housing vouchers.
Given the median income, let's break down the affordability. A household earning $44,271 annually would have a monthly income of approximately $3,689. If we assume a typical guideline where no more than 30% of a household's income should go towards rent, this translates to a maximum affordable rent of roughly $1,107 per month. Comparing this to the FMR of $900, it becomes evident that while some households could afford higher rents, many would struggle to pay above the voucher amount.
The ZIP code has a very low percentage of renters at only 0.9%, indicating a predominantly owner-occupied community. With a total population of 308, this suggests a highly competitive environment for landlords. The low number of potential tenants means that those who do rent are likely to be very price-sensitive, making the $900 voucher payment standard a significant factor in their decision-making process.
For landlords considering their strategy, focusing on accepting vouchers can be a prudent move. Given the tight rental market and the affordability gap, vouchers provide a reliable source of consistent rental income. While cash-paying tenants might offer higher rents, the risk of vacancies in such a competitive and low-renter market outweighs the benefits. Accepting vouchers ensures a steady stream of income, aligns with the financial realities of the area, and helps landlords tap into the federal support system designed to keep housing affordable.
In summary, landlords in ZIP 64741 should prioritize voucher acceptance over seeking higher cash rents. The local economy and low renter population make this approach more sustainable and less risky. By doing so, they align with the needs of the community and secure a stable tenant base.
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.