Section 8 Fair Market Rent (FMR) for ZIP 65629 - 2027

Location: Springfield, MO | Metro: Springfield, MO HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$790
1 Bedroom	$800
2 Bedrooms	$990
3 Bedrooms	$1,350
4 Bedrooms	$1,540
5 Bedrooms	$1,786
6 Bedrooms	$2,000
7 Bedrooms	$2,160
8 Bedrooms	$2,268

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

563

Median Household Income

$63,750

Housing Units

267

Renter Percentage

15.9%

Occupancy Rate

84.6%

Renter Occupied

The economics of Section 8 housing in ZIP code 65629 are defined by the SAFMR (Small Area Fair Market Rent) which is specifically tailored for this ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $820. However, it's important to note that the local market rent, according to the Census ACS, is significantly lower at $648.

A landlord participating in the Section 8 program receives rental assistance payments based on the voucher holder's income and the SAFMR. Here's a breakdown of how this works:

The tenant is required to pay 30% of their adjusted monthly income towards rent. If we assume an average adjusted monthly income of $1,500, the tenant would contribute $450.
The remaining balance is covered by the housing authority up to the SAFMR. In this case, the housing authority would pay the difference between the tenant’s contribution ($450) and the SAFMR ($820), which is $370.
Utility allowances are separate and do not affect the base rent payment. These allowances can vary but are typically designed to cover a reasonable amount of utility costs.

In ZIP 65629, given the local market rent is $648, a landlord would receive a total of $820 from the Section 8 voucher program. This includes the $450 from the tenant and $370 from the housing authority. Therefore, there is a surplus for the landlord of $172 per month over the local market rent.

This surplus occurs because the SAFMR is higher than the actual local market rent. Landlords should be aware that while they might receive a higher payment compared to the local market rent, they must still adhere to the terms and conditions of the Section 8 program, including maintaining the property to certain standards and accepting the housing authority’s inspections and regulations.

To summarize, in ZIP 65629, the typical reimbursement for a two-bedroom apartment under the Section 8 program exceeds the local market rent by $172 per month. This provides landlords with a financial advantage when renting to voucher holders in this specific ZIP code.

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.