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 | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,290 | $324,353 | 0.4% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 64867 in fiscal year 2024 is set at $890. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is designed to help low-income families afford housing. It's important to note that this is the payment standard, not necessarily the rent you will receive. The actual rent you receive will be based on the tenant's portion of the rent plus the government subsidy.
To put this into perspective, the average rent in ZIP 64867, according to the Census Bureau's American Community Survey, is $625. This means that the FMR is significantly higher than the typical market rate, providing a potential opportunity for landlords to earn more than they might otherwise.
With an estimated 7.5% of renters in the area relying on housing assistance, there is a notable demand for affordable housing. This translates to approximately $282,206 worth of rental income annually that could be attributed to tenants eligible for Section 8 benefits. This number is derived from the total annual income generated by the 7.5% share of renters who would use the $890 FMR as their rental budget.
If you're considering your first Section 8 rental property in ZIP 64867, it's crucial to verify that the property meets all the necessary requirements for the program. This includes ensuring that the home passes a Housing Quality Standards (HQS) inspection. This inspection is designed to make sure that the property is safe, decent, and sanitary, and it must be passed before you can enter into a contract with a Section 8 tenant.
In summary, the $890 FMR offers a clear benchmark for the maximum allowable rent under Section 8, which is higher than the local average of $625. With a significant portion of renters seeking assistance, there is a substantial demand for properties that qualify. However, before proceeding, ensure your property complies with the HQS standards to avoid any issues with eligibility.
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.