Location: Joplin, MO | Metro: Joplin, MO 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 | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $900 | $98,310 | 0.92% | C |
| 2BR | $1,140 | $141,108 | 0.81% | C |
| 3BR | $1,480 | $224,110 | 0.66% | D |
| 4BR | $1,620 | $329,271 | 0.49% | F |
| 5BR | $1,879 | $531,683 | 0.35% | F |
U.S. Census Bureau data (2024)
ZIP code 64804, located in Joplin, MO, falls within the broader Joplin, MO HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 64804 in fiscal year 2024 is set at $920, which is notably lower than the market rent of $1,400. This discrepancy suggests that 64804 could be considered a value pocket within its metro area, offering rental opportunities at a price point significantly below what the market demands.
The median home value in 64804 stands at $225,050. While this figure alone does not indicate whether it's above or below average for the Joplin metro area, when combined with the relatively low FMR and high market rent, it implies that property owners in this ZIP might benefit from higher-than-average rental income relative to their investment costs.
A key factor in analyzing the potential of a ZIP code for landlords and small-portfolio investors is the renter share. In 64804, the renter share is 32.6%, which is a substantial portion of the housing market. This high percentage of renters, coupled with the lower FMR and higher market rent, points towards a strong demand for rental properties. Additionally, the lower home values suggest that this area may attract tenants who qualify for Section 8 housing assistance due to its affordability.
To conclude, ZIP 64804 appears to be a value pocket within the Joplin, MO HUD Metro FMR Area. It offers a combination of affordable home values, lower FMRs compared to market rents, and a significant renter population. These characteristics make it an attractive location for landlords and investors seeking to maximize their returns through Section 8 participation.
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.