Location: Cooper County, MO | Metro: Cooper County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 65237 in fiscal year 2024 is set at $800. This figure represents the payment standard for Section 8 vouchers, meaning that tenants with vouchers will receive up to $800 per month to cover their rent. It's important to note that this does not necessarily mean your rent will be $800; it means that the voucher can cover up to this amount.
To put this into context, the average rent in ZIP 65237, according to Census ACS data, is $756. This indicates that the FMR slightly exceeds the average rent, which could be beneficial for landlords as it allows for some flexibility in setting rent prices while ensuring tenants can afford their homes.
With 17.1% of residents being renters, there is a steady demand for rental properties in this area. This percentage suggests that nearly one in every six people in ZIP 65237 are looking for a place to rent, creating a reasonable market for Section 8 rentals.
When considering the acquisition cost of a property, the median home value in this ZIP code is approximately $270,331. For landlords and small-portfolio investors, this means that purchasing a property to use for Section 8 tenancy should be financially feasible, especially if you factor in the potential long-term stability of having a government-backed tenant.
Before making the decision to participate in the Section 8 program, it is crucial to verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary, and they must be met for a landlord to accept Section 8 tenants. The verification process involves an inspection by the housing authority, so prepare your property accordingly to avoid any delays or complications.
In summary, the FMR of $800 provides a solid foundation for setting rent prices that are both fair and affordable for Section 8 tenants. With a local average rent of $756 and a 17.1% renter share, the demand for rental units is present, and the median home value of $270,331 makes it a viable investment opportunity. Just make sure to confirm that your property complies with HQS to proceed smoothly.
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.