Location: Miller County, MO | Metro: Miller County, MO
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 | $740 |
| 1 Bedroom | $810 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,360 | $210,004 | 0.65% | D |
U.S. Census Bureau data (2024)
The ZIP code 65486, located in Iberia, Missouri, stands out within Miller County due to its unique demographic and economic characteristics. With a population of 2,956 residents, only 10.7% of whom rent their homes, it is predominantly an owner-occupied area. The median income in this ZIP code is relatively high at $71,744, which is above the national average. Additionally, the median home value is substantial at $226,120, indicating a stable housing market.
The voucher economics in ZIP 65486 reveal a significant disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR for the metro area is set at $890, while the Census American Community Survey (ACS) indicates that the market rent is only $553. This discrepancy suggests that landlords who accept Section 8 vouchers could see a higher return on investment compared to the current market rates. However, the low rental rate indicates that there is limited demand for rental properties in this area, making it less attractive for landlords solely interested in maximizing rental income.
The data signature for ZIP 65486 reads as stable. The high median income and median home value indicate a financially secure community where most residents own their homes. While the voucher economics present an opportunity for landlords to receive higher rents through the Section 8 program, the overall low rental rate and owner-occupied status of the majority of homes suggest a community that is unlikely to undergo significant changes in the near future. Landlords and small-portfolio investors should consider these factors when evaluating the potential for rental properties in this area.
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.