Location: Saline County, MO | Metro: Cooper County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $820 |
| 2 Bedrooms | $1,060 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 65347, located in Missouri, has a median household income of $103,125. This figure provides a baseline for understanding the economic context of potential renters in the area. However, the market rate for rent is listed as N/A, which suggests there might be limited data available on typical rental prices in this specific ZIP. Despite this, we can still analyze the situation based on the Fair Market Rent (FMR) standard set by the Department of Housing and Urban Development (HUD).
HUD sets the FMR for ZIP 65347 at $800 for fiscal year 2024, which represents the voucher payment standard for households participating in the Section 8 program. This means that landlords who accept vouchers will receive up to $800 per month for a unit, depending on the size of the household and other factors. Given the median income, it appears that many households could afford to pay significantly more than the voucher amount, indicating a potential gap between what renters can pay and what they are paying through the voucher program.
The ZIP code has a relatively low percentage of renters at 3.4%, with a total population of 846. This suggests that the majority of residents are homeowners, which could impact the competitive landscape for landlords. With fewer rental units and a smaller pool of renters, landlords might face less competition for tenants. However, the affordability gap also means that those who can afford higher rents might prefer to rent in areas with more amenities or services, leaving landlords in ZIP 65347 to rely more heavily on voucher recipients.
For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the key takeaway is that while the voucher payment standard is lower than what many households in the area could afford, the limited number of rental properties and the small percentage of renters make it essential to consider both options. Accepting vouchers can ensure a steady stream of tenants and income, whereas focusing on cash-paying tenants might require additional marketing efforts to attract them to the area. Landlords should weigh these factors carefully and consider the stability and long-term benefits of each strategy.
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.