Location: Randolph County, MO | Metro: Columbia, 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 | $720 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,420 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,050 | $262,808 | 0.4% | F |
| 3BR | $1,420 | $346,082 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 65243 in fiscal year 2024 is set at $870. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you will receive; rather, it's the benchmark used by the government to determine the maximum rental assistance payment for tenants.
In comparison, the average rent in ZIP 65243, according to the Census Bureau's American Community Survey, is $816. This suggests that the FMR is slightly higher than the typical market rate, which could be advantageous if you're looking to cover your costs and potentially make a profit.
The FMR also indicates the level of demand for affordable housing in the area. With 16.5% of residents being renters, there is a significant portion of the population that could benefit from Section 8 vouchers. This high percentage of renters implies a steady pool of potential tenants who qualify for the program.
When considering an investment property in ZIP 65243, the median home value is around $382,347. This figure should be taken into account when evaluating the acquisition cost of a new rental property. If you plan to purchase a property in this price range, ensure that the rental income, combined with any other sources of income, will cover the mortgage, property taxes, insurance, and maintenance costs.
Before proceeding with a Section 8 rental in ZIP 65243, verify that the property meets all the necessary standards and requirements set by the local housing authority. These include safety, health, and structural standards, which must be met to qualify for the program. This step is crucial to avoid delays in securing tenants and receiving rental payments.
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.