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 | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,320 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $800 | $118,331 | 0.68% | D |
| 2BR | $1,010 | $147,221 | 0.69% | D |
| 3BR | $1,320 | $234,919 | 0.56% | F |
| 4BR | $1,430 | $304,049 | 0.47% | F |
| 5BR | $1,659 | $367,358 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 64850, located in Neosho, MO within the McDonald County, MO metro area, presents an interesting case study when compared against typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 64850 stands at $860 for fiscal year 2024, which is notably higher than the average market rent of $774. This suggests that while the cost of renting in 64850 is above the local average, it still remains relatively affordable compared to other metropolitan areas.
The median home value in ZIP 64850 is listed at $226,615, which is likely indicative of the overall housing market conditions within the McDonald County, MO metro. Given the FMR and market rent figures, it can be inferred that 64850 leans towards being a mid-tier neighborhood rather than a premium sub-market. However, the significant portion of renters, comprising 29.1% of the population, suggests that there is a substantial demand for rental properties.
A noteworthy divergence in these figures is the high renter share combined with below-metro home values. This combination often points to a sweet spot for Section 8 landlords and small-portfolio investors. The high renter share implies a strong potential tenant pool, particularly for those relying on government assistance programs like Section 8, making it an attractive location for investment in rental properties.
In summary, ZIP 64850 represents a mid-tier neighborhood within the McDonald County, MO metro, characterized by slightly above-average rents but with a robust rental market driven by a high percentage of renters. For landlords and small-portfolio investors looking to capitalize on the demand for affordable housing, 64850 could indeed present a valuable opportunity due to its favorable conditions for Section 8 tenancy.
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.