Location: Bates County, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $950 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $215,732 | 0.52% | F |
| 3BR | $1,450 | $315,145 | 0.46% | F |
| 4BR | $1,790 | $473,447 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 64742, located in Drexel, MO, falls within the Bates County, MO HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1050. This figure, alongside the market rent of $881, home value of $323,184, and a 21.1% renter share, provides insights into how it compares to other ZIP codes in the same area.
In terms of FMR, ZIP 64742 aligns closely with the typical rates within the Bates County, MO HUD Metro FMR Area. However, the market rent being lower than the FMR suggests that rental properties here are generally more affordable than what the government deems necessary for fair market conditions. This can be advantageous for landlords looking to attract tenants who might find the area more budget-friendly.
The home value of $323,184 in ZIP 64742 is consistent with the average home values found in the Bates County area, indicating that it is neither a value pocket nor a premium sub-market when it comes to property prices. This makes it a mid-tier neighborhood in terms of housing costs, suitable for a range of potential buyers.
A notable aspect is the 21.1% renter share, which is higher than the national average but needs context regarding the broader Bates County area. If this percentage is significantly above the county average, it could signal a concentration of renters who might benefit from Section 8 assistance. Given the market rent is below the FMR, this combination often points to a sweet spot for Section 8 properties, where rental rates are more affordable while still maintaining reasonable property values.
To conclude, ZIP 64742 appears to be a mid-tier neighborhood within the Bates County, MO HUD Metro FMR Area, with rental rates slightly below the FMR but home values aligned with the average. The higher-than-average renter share suggests a potential for Section 8 tenancy, especially if local rental rates are generally higher than those in ZIP 64742.
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.