Location: Morgan County, MO | Metro: Morgan County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $820 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
The median home value in ZIP 65329, located in Florence, Missouri, is $140,000 according to recent data. This figure is notably lower than the median home value in the state of Missouri, which stands at $157,200, and significantly below the national median home value of $217,500. In another source, the median home value is listed as $381,300, providing a broader range but still indicating that this area is less expensive than the national average.
The HUD Fair Market Rent (FMR) for the Morgan County, MO metro area for fiscal year 2026 is set at $1,020. However, the market rent for ZIP 65329 is currently not available, making it difficult to provide an exact comparison. Despite this, we can infer that the voucher tenants would likely cashflow at FMR levels due to the lower median home values in the area.
To derive the rent-to-price ratio, we use the median home value of $140,000 and the HUD FMR of $1,020. This suggests a monthly rent that is approximately 0.73% of the median home value. If we consider the higher median home value of $381,300, the ratio drops to about 0.27%. Both ratios indicate that rental properties are relatively affordable compared to home values in this area.
Information regarding the median days on market (DOM) and the percentage of price cuts for the area is also not available, which means there's no direct insight into how quickly homes sell or if there's a trend towards price reductions. This lack of data could imply stability in the local real estate market, with neither rapid turnover nor significant price adjustments.
The strongest investor angle in ZIP 65329 is likely cashflow, given the affordability of the area and the potential for voucher tenants to cover their rent with the HUD FMR without requiring premium units. This makes it an attractive market for those looking to generate steady rental income.
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.