Location: Lawrence 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 | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,660 |
| 5 Bedrooms | $1,926 |
| 6 Bedrooms | $2,157 |
| 7 Bedrooms | $2,330 |
| 8 Bedrooms | $2,447 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,520 | $238,005 | 0.64% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 64862 in fiscal year 2024 is set at $830. This figure represents the payment standard for the Housing Choice Voucher Program, commonly known as Section 8. It does not determine the rent you can charge but rather the maximum amount the government will pay toward a tenant's rent. In ZIP 64862, the average market rent is around $875, according to recent Census American Community Survey (ACS) data. This suggests that while the FMR is slightly below the market rate, it still covers a significant portion of the rent.
The FMR of $830 means that if your property meets the eligibility criteria, you can expect to receive up to $830 per month from the voucher program. However, you can charge more than this amount, but the tenant would need to cover the difference out-of-pocket. For instance, if you set the rent at $875, the government pays $830, and the tenant must pay the remaining $45.
The 23.7% of residents who are renters indicates a moderate demand for rental properties in this area. While it's not a high percentage, it suggests there are enough potential tenants to consider Section 8 participation. Additionally, the median home value in the area is approximately $263,925, which gives you an idea of the typical acquisition cost for a property in this ZIP code. This figure can help you assess whether a Section 8 rental fits into your investment strategy.
To make a well-informed decision, verify that your property complies with the Housing Quality Standards (HQS) required by the Section 8 program. This ensures that your unit meets basic safety and health standards, which is necessary to participate in the program and attract eligible tenants.
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.