Location: McDonald County, MO | Metro: Joplin, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $730 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
ZIP code 64861, located within the McDonald County, MO metro, exhibits several characteristics that distinguish it from typical ZIP codes in the same county. The Fair Market Rent (FMR) for 2024 is set at $800, which is notably higher than the market rent of $607. This suggests that the government's estimate for rental affordability exceeds what the local market currently demands.
The median home value in ZIP 64861 stands at $290,152, which is lower than the average home value in the county. This could indicate that the area is less expensive compared to other parts of McDonald County, potentially making it attractive for first-time buyers or those looking for affordable housing options.
The renter share in ZIP 64861 is 26.3%, which is higher than the typical renter share in the county. This high percentage of renters combined with below-average home values might signal a sweet spot for Section 8 landlords and small-portfolio investors. The discrepancy between the FMR and market rent also supports this inference, as it implies there is room for landlords to increase rents without pricing out tenants who qualify for Section 8 assistance.
To determine if ZIP 64861 is a value pocket, a mid-tier neighborhood, or a premium sub-market, consider the following:
In conclusion, ZIP 64861 appears to be a value pocket within the McDonald County, MO metro, offering landlords and small-portfolio investors a chance to capitalize on the differences between the FMR and market rent, along with the high proportion of renters. These factors make it an appealing location for those interested in Section 8 investments.
Data Sources: FMR data from HUD (2027). 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.