Location: Phelps County, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,510 |
| 5 Bedrooms | $1,752 |
| 6 Bedrooms | $1,962 |
| 7 Bedrooms | $2,119 |
| 8 Bedrooms | $2,225 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $960 | $164,331 | 0.58% | F |
| 3BR | $1,310 | $227,218 | 0.58% | F |
U.S. Census Bureau data (2024)
ZIP code 65453, located in Cuba, Missouri, represents a unique position within the Phelps County, MO metro area. The Fair Market Rent (FMR) for 65453 is set at $990 for fiscal year 2024, which is notably higher than the average market rent of $745. This indicates that the government recognizes the need for slightly elevated rental support in this area compared to what the market naturally dictates.
The median home value in ZIP 65453 stands at $226,198, which is relatively consistent with the broader Phelps County market. However, the significant renter share of 35.0% suggests that a considerable portion of the population relies on rental housing. This high proportion of renters combined with the lower-than-FMR market rents can indicate a potential sweet spot for landlords and small-portfolio investors interested in Section 8 properties.
A comparison to typical ZIP codes in Phelps County reveals that 65453 is neither a value pocket nor a premium sub-market but rather a mid-tier neighborhood. Its FMR aligns closely with the county's needs, suggesting a balanced approach to affordable housing.
The divergence between the FMR and the actual market rent, where the FMR is higher, implies that there could be opportunities for landlords who are willing to accept Section 8 vouchers. This discrepancy also points towards a possible subsidy gap, where the government aims to provide more substantial financial assistance to renters in 65453 than what the local market demands.
In summary, ZIP 65453 presents itself as a mid-tier neighborhood within the Phelps County, MO metro, with an above-average renter share and a notable difference between FMR and market rents. These characteristics suggest it could be a favorable location for those looking to invest in Section 8-supported rental properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.