Location: Cedar County, MO | Metro: Polk County, MO HUD Metro FMR Area
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 | $880 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,110 |
| 3 Bedrooms | $1,540 |
| 4 Bedrooms | $1,740 |
| 5 Bedrooms | $2,018 |
| 6 Bedrooms | $2,260 |
| 7 Bedrooms | $2,441 |
| 8 Bedrooms | $2,563 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,110 | $168,779 | 0.66% | D |
| 3BR | $1,540 | $296,507 | 0.52% | F |
U.S. Census Bureau data (2024)
The median days on market (DOM) for properties in ZIP 65649 (Fair Play, MO, Polk County County, Cedar County, MO metro) is 65 days. This indicates that the local real estate market is relatively stable, with no significant fluctuations in the time it takes for homes to be sold. However, the data does not provide information on the percentage of price cuts shared by sellers. For the purpose of this analysis, we will consider this metric as N/A.
The HUD Fair Market Rent (FMR) for ZIP 65649 in fiscal year 2024 is set at $850. Comparatively, the market rent based on Census ACS data stands at $941. Given these figures, landlords accepting Section 8 vouchers can expect marginal cash flow, as the FMR is slightly below the market rent. To achieve positive cash flow, landlords should focus on premium units that command higher rents closer to the market rate.
The median home value in ZIP 65649 is $282,780. Using this figure, we can calculate the rent-to-price ratio by dividing the annual market rent ($941 x 12 = $11,292) by the median home value. This results in a rent-to-price ratio of approximately 4%, which is indicative of a moderate investment opportunity.
The strongest angle for investors in this market is stability. With a relatively consistent DOM and a modest gap between FMR and market rent, investors can anticipate steady, albeit modest, returns from their investments.
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.