Location: McDonald County, 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 | $860 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,120 | $159,481 | 0.7% | D |
| 3BR | $1,550 | $205,754 | 0.75% | D |
U.S. Census Bureau data (2024)
If a landlord is considering investing in ZIP code 64843 (Goodman, MO) for Section 8 properties, they should follow this decision tree:
Step 1: Determine if the Fair Market Rent (FMR) of $870 can cover the debt service on a property valued at $216,265. This requires calculating the expected monthly mortgage payment, including principal, interest, taxes, and insurance. For a typical 30-year fixed-rate mortgage at a rate of 5%, the monthly payment would be approximately $1,160. The FMR of $870 does not clear this debt service, leading to a no on purchasing a $216,265 property based solely on Section 8 income.
Step 2: Compare the market rent of $996 against the FMR of $870. Since the market rent is higher than the FMR, it suggests that landlords might need to supplement Section 8 rental income with additional sources or consider non-Section 8 tenants to achieve a balanced cash flow.
Step 3: Assess the rental demand in the area. With 21.3% of residents being renters and no data available for days on market (DOM), we must rely on the percentage of renters to gauge demand. Given that 21.3% of the population are renters, there is a moderate level of demand. However, the lack of DOM data means we cannot fully evaluate how quickly properties are rented out. This leads to an it depends answer regarding whether the demand is sufficient.
To summarize, for a property priced at $216,265 in ZIP 64843, the answer to buying for Section 8 is no, as the FMR of $870 does not cover the debt service. If a landlord can find a property where the FMR does cover the debt service, then the next consideration is the comparison between market rent and FMR. Given that market rent is above FMR, it indicates a potential for higher rents but also implies a reliance on non-Section 8 tenants. Lastly, while the rental demand is present at 21.3%, the absence of DOM data leaves uncertainty about the speed of property turnover, which is critical for investment planning.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.