Section 8 Fair Market Rent (FMR) for ZIP 65631 - 2027

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

Investment Score for ZIP 65631

N/A

Monthly Rent (2BR)

$1,310

Median Price (2BR)

$N/A

1% Rule

Annual Yield

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,050
1 Bedroom	$1,070
2 Bedrooms	$1,310
3 Bedrooms	$1,810
4 Bedrooms	$2,090
5 Bedrooms	$2,424
6 Bedrooms	$2,715
7 Bedrooms	$2,932
8 Bedrooms	$3,079

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
3BR	$1,810	$246,562	0.73%	D
4BR	$2,090	$370,215	0.56%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,174

Median Household Income

$86,875

Housing Units

2,378

Renter Percentage

21.9%

Occupancy Rate

97.4%

Renter Occupied

507

The ZIP code 65631, located in the heart of Missouri, offers a stable and predictable rental market for landlords and small-portfolio investors. With a mix of suburban and rural characteristics, it provides a comfortable living environment for residents, making it an attractive location for investment.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 65631 for fiscal year 2024 is set at $1,150. This figure serves as a benchmark for rental pricing in the area, indicating that properties priced around this amount will likely attract tenants.
The average market rent for the area, according to the latest Census ACS data, stands at $1,128. This suggests that the rental market is slightly below the FMR but still within a reasonable range for investors looking to generate steady cash flow.
The median home value in ZIP 65631 is $261,769. This moderate valuation makes it accessible for both homeowners and investors, offering opportunities for both single-family homes and multi-unit properties.
Renters make up 21.9% of the population in this ZIP code. While this percentage is relatively low compared to urban areas, it still represents a significant portion of potential tenants, particularly for those seeking affordable housing options.
The median income for households in ZIP 65631 is $86,875. This level of income supports a healthy rental market, as many residents may choose to rent rather than purchase due to financial considerations or lifestyle preferences.

Synthesizing these points, ZIP 65631 presents a balanced opportunity for real estate investors. The rental market is stable, with rents closely matching the FMR, and the median home value indicates a manageable entry cost. Although the renter share is lower than in urban settings, the median income supports a consistent demand for rental properties, especially for those who prefer not to invest in home ownership. For landlords and small-portfolio investors, this area offers a reliable investment with steady returns, assuming proper management and maintenance of the 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.