Location: Joplin, MO | Metro: Joplin, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,190 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,690 |
| 5 Bedrooms | $1,960 |
| 6 Bedrooms | $2,195 |
| 7 Bedrooms | $2,371 |
| 8 Bedrooms | $2,490 |
A skeptical investor might question whether the Fair Market Rent (FMR) of $950 for ZIP 64802 can cover the mortgage on a home in this area. The median home value in ZIP 64802 has fluctuated over the years but remains a critical factor. According to recent data, the median home value in this ZIP code is around $100,000. With an average mortgage rate of approximately 5%, a homeowner could expect monthly payments of around $500 to $600, depending on the down payment and other factors. Thus, the FMR of $950 would indeed cover the mortgage, leaving room for additional expenses such as property taxes and maintenance.
The second concern might be the level of renter demand in ZIP 64802. The data indicates that the rental demand percentage is relatively stable, though specific figures are not readily available. However, the presence of numerous real estate listings and active searches suggests a steady interest from renters. This implies that there should be sufficient demand to fill rental units at or near the FMR price point.
A final objection could be whether Section 8 vouchers will keep pace with market rents. While precise data for ZIP 64802 is limited, the overall trend shows that voucher payments have been increasing. For instance, the Housing Choice Voucher (HCV) Data Dashboard from HUD.gov reveals that payment standards have been adjusted annually to reflect changes in local market conditions. Given the national trend, it is reasonable to expect that the voucher payments in ZIP 64802 will continue to align with market rents, ensuring that landlords receive fair compensation.
Investors must acknowledge that while these points provide a positive outlook, they do not guarantee future stability. Market conditions can change, and it is crucial to monitor trends closely. Nonetheless, based on the available data, ZIP 64802 appears to offer a viable investment opportunity for those interested in Section 8 properties.
Data Sources: FMR data from HUD (2027).
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.