Location: Randolph County, MO | Metro: Chariton County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 65244 are straightforward. The SAFMR (Standard Area Fair Market Rent) for a two-bedroom apartment is set at $910 per month for fiscal year 2026. This figure represents the maximum amount that the housing authority will pay on behalf of a tenant under the Section 8 program.
To understand how this works for landlords, it's essential to break down the components of a voucher payment. The total rent is split between the tenant and the government. The tenant typically pays 30% of their adjusted income towards rent. For example, if a tenant's monthly income is $1,500, they would contribute $450 towards the rent. The remaining amount is covered by the government, up to the SAFMR limit of $910.
In addition to the base rent, there are utility allowances. These vary but generally cover the cost of electricity, gas, water, and sewer. In ZIP 65244, the utility allowance is included in the $910 cap. If utilities are separately metered and paid by the tenant, the landlord must ensure the total rent plus utilities does not exceed $910.
The SAFMR of $910 applies specifically to this ZIP code, meaning it is tailored to reflect the local rental market conditions. However, since the local market rent is not available, we can infer that the SAFMR is designed to be competitive with typical rents in the area.
To calculate the reimbursement gap or surplus, consider the actual market rent for a two-bedroom unit. If the market rent is higher than $910, the landlord will face a gap, requiring the tenant to pay the difference. Conversely, if the market rent is lower than $910, the landlord receives a surplus, which can be beneficial but is subject to the terms of the Section 8 contract.
For instance, if a two-bedroom apartment in ZIP 65244 rents for $1,000, the landlord would receive $910 from the government and $450 from the tenant, totaling $1,360. Since the market rent is $1,000, the landlord would have a surplus of $360. If the market rent were $1,200, the landlord would only receive $910 from the government and $450 from the tenant, resulting in a total of $1,360, leaving a gap of $240.
The typical reimbursement scenario for a two-bedroom unit in ZIP 65244, based on the SAFMR of $910 and a tenant contribution of 30%, would result in a surplus for landlords if the market rent is below $910, or a gap if it exceeds this amount.
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.