Location: Joplin, 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 | $980 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,250 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,770 |
| 5 Bedrooms | $2,053 |
| 6 Bedrooms | $2,299 |
| 7 Bedrooms | $2,483 |
| 8 Bedrooms | $2,607 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,250 | $119,057 | 1.05% | B |
| 3BR | $1,630 | $214,079 | 0.76% | D |
| 4BR | $1,770 | $304,171 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 64870, which includes Webb City, MO, presents an interesting scenario when viewed from the renter's perspective. The median household income stands at $68,300, while the market-rate rent, known as the Zillow Rent Index (ZORI), is set at $1,194 per month. This means that nearly 21% of the median household's annual income would be spent on rent alone if they were to pay the market rate. Such a high percentage of income dedicated to housing costs can be financially burdensome for many households.
In contrast, the Fair Market Rent (FMR) for ZIP 64870, which is the standard used for Section 8 voucher payments, is set at $970 per month for fiscal year 2024. This represents a significant difference from the ZORI, indicating that voucher holders could potentially find more affordable housing options compared to those paying market rates.
With 35.4% of the 16,186 population being renters, the competition among landlords in this area is notable. The affordability gap between the ZORI and the FMR suggests that there might be a substantial portion of renters who prefer or need to use Section 8 vouchers due to financial constraints. Landlords should consider this when deciding whether to accept vouchers or focus on cash-paying tenants.
For landlords considering their strategy, the takeaway is clear. While accepting vouchers means receiving a lower monthly rent payment ($970 vs $1,194), it ensures a steady and reliable income stream. Moreover, it positions landlords to serve a significant segment of the local rental market, which could lead to higher occupancy rates and reduced vacancy costs. In a competitive environment where 35.4% of the population are renters, and many likely rely on assistance programs, embracing voucher tenants can be a strategic advantage.
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.