Location: Morgan County, MO | Metro: Cooper County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,180 |
| 2 Bedrooms | $1,430 |
| 3 Bedrooms | $1,880 |
| 4 Bedrooms | $1,910 |
| 5 Bedrooms | $2,216 |
| 6 Bedrooms | $2,482 |
| 7 Bedrooms | $2,681 |
| 8 Bedrooms | $2,815 |
U.S. Census Bureau data (2024)
The ZIP code 65354, located within the Morgan County, MO metro, has a Fair Market Rent (FMR) of $800 for fiscal year 2024. This figure represents the median rental cost for a two-bedroom apartment in the area, which is significantly lower than the market rent of $1,304. The FMR is set by the U.S. Department of Housing and Urban Development (HUD) and is used to determine eligibility for housing assistance programs such as Section 8.
The discrepancy between the FMR and the market rent suggests that ZIP 65354 is likely a value pocket within the Morgan County, MO metro. With an FMR well below the market rent, landlords can potentially attract tenants who qualify for Section 8 vouchers, thereby ensuring a stable income stream without having to charge premium rates. Additionally, the fact that the home value data is not available indicates that this ZIP may have a higher concentration of renters compared to homeowners, as evidenced by the 44.9% renter share.
A higher renter share combined with below-average market rents typically points to areas where Section 8 voucher holders might find affordable housing options. This makes ZIP 65354 a particularly attractive location for landlords and small-portfolio investors looking to participate in the Section 8 program, as it aligns with the goal of providing subsidized housing to low-income families while maintaining reasonable rental prices.
In summary, ZIP 65354 stands out as a value pocket within the broader Morgan County, MO metro. Its relatively low FMR and significant renter share make it a favorable spot for landlords interested in the Section 8 program, offering a balance between affordability and stability in the rental market.
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.