Section 8 Fair Market Rent (FMR) for ZIP 65638 - 2027

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$710
1 Bedroom	$740
2 Bedrooms	$960
3 Bedrooms	$1,180
4 Bedrooms	$1,370
5 Bedrooms	$1,589
6 Bedrooms	$1,780
7 Bedrooms	$1,922
8 Bedrooms	$2,018

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Based on the available data, the analysis for ZIP code 65638 in Drury, Missouri, reveals that the Fair Market Rent (FMR) for FY 2026 is set at $890. This figure is notably higher than the median home value in the area, which is $209,400 according to recent reports. However, the market rent for the area is not directly provided in the data, indicating a potential discrepancy in the availability of specific rental pricing information. In ZIP 65638, 21.1% of the population are renters, and the median income stands at $58,906. The gap between the FMR and the actual market rent needs further clarification; however, if the market rent is indeed lower than the FMR, landlords accepting Section 8 vouchers could potentially benefit from higher yields due to the government subsidy. Conversely, if the market rent exceeds the FMR, landlords might face a shortfall, as voucher tenants would pay below the open-market rates. To anchor this analysis, consider the broader economic context: the median home value, while significant, does not directly correlate with rental pricing. The income levels suggest that there is a segment of the population capable of affording rent but may still rely on housing vouchers to manage costs effectively. Therefore, for landlords and small-portfolio investors, understanding the dynamics of FMR versus actual market rent is crucial for making informed decisions regarding property management and investment strategies.

The key figures to note are:

• Fair Market Rent (FMR): $890 for FY 2026.
• Median Home Value: $209,400.
• Median Income: $58,906.
• Renters: 21.1% of the population.

Given these parameters, the decision to accept Section 8 vouchers should be based on a detailed assessment of the local rental market, tenant demographics, and the financial implications for the landlord. The gap between FMR and market rent must be identified to understand the true yield or cost associated with housing voucher tenants.

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.