Location: Laclede County, MO | Metro: Dallas County, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
U.S. Census Bureau data (2024)
The ZIP code 65590 presents an interesting scenario when analyzed from the perspective of renters. The median household income in this area stands at $56,762, which places significant constraints on the financial capabilities of residents to pay market-rate rents. The current market rate for rental properties, as reported by the Census ACS, is $817 per month. This figure closely aligns with the Fair Market Rent (FMR) set by HUD for the fiscal year 2024, which is $810 for this ZIP code.
To put these numbers into context, consider that the median income in ZIP 65590 translates to approximately $4,730 per month. Assuming that a household allocates 30% of their income towards housing, as recommended by many financial advisors, they would be able to spend roughly $1,419 on rent. This means that the $817 market rate is well within the affordability range for the average resident, indicating that most households could comfortably cover their rent without relying heavily on assistance programs.
However, the situation changes when looking at the proportion of renters and the total population. With 19.9% of the 1,872 residents being renters, the pool of potential tenants is relatively small. This limited number of renters can lead to increased competition among landlords for the available tenant base, especially if some of these renters are seeking government assistance such as Section 8 vouchers.
The affordability gap in ZIP 65590 is minimal given the close alignment between the market rate and the FMR. For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the key takeaway is that both strategies can be viable. Accepting vouchers ensures a steady stream of tenants who can afford the FMR, while targeting cash-paying tenants allows for potentially higher rents, albeit with greater competition for a smaller pool of renters.
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.