Location: Pettis County, MO | Metro: Cooper County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,460 |
| 5 Bedrooms | $1,694 |
| 6 Bedrooms | $1,897 |
| 7 Bedrooms | $2,049 |
| 8 Bedrooms | $2,151 |
U.S. Census Bureau data (2024)
The ZIP code 65348 presents a market where the dynamics of supply and demand are closely aligned, though slight indications suggest demand may be edging ahead of supply. The Fair Market Rent (FMR) set at $800 for the fiscal year 2024 contrasts with the market rent reported by the Census American Community Survey (ACS) at $878. This gap, while not extensive, points to a scenario where actual rents exceed government benchmarks, hinting at a market where tenants might be willing to pay a premium.
The median home value of $226,328 offers insight into the affordability of homeownership within the area. However, without specific data on the rate of price cuts or days on the market (DOM), it's challenging to definitively state whether there's an oversupply of homes for sale. Typically, if the market were experiencing a surplus, we would expect to see higher rates of price reductions and longer times for homes to sell. The absence of these metrics leaves room for speculation but doesn't conclusively indicate a trend one way or the other.
A noteworthy aspect of this market is the 16.8% renter share. This percentage is relatively low, suggesting that a majority of residents own their homes. Despite this, the presence of renters indicates ongoing housing pressure, especially when considering that renters often represent those who cannot afford to buy due to financial constraints or other reasons. Over the long term, this could imply that as the population grows or shifts, the pressure on rental markets will increase, potentially leading to higher rents and a greater demand for affordable housing options.
In summary, ZIP 65348 appears to be a stable market with a slight lean towards demand outpacing supply in the rental sector. The relatively low renter share suggests a predominantly owner-occupied community, but the implications for future housing pressures remain significant.
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.