Location: Lawrence County, MO | Metro: Springfield, 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 | $1,060 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,300 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,300 | $192,660 | 0.67% | D |
| 3BR | $1,800 | $252,399 | 0.71% | D |
| 4BR | $2,060 | $335,947 | 0.61% | D |
| 5BR | $2,390 | $425,849 | 0.56% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 65738, which includes Republic, Missouri, is set at $1040 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you'll receive; it's the payment standard used to determine the maximum allowable rent subsidy.
In contrast, the Zillow Observed Rent Index (ZORI), which reflects the average market rent for the area, stands at $1,526. This indicates that the local market rent is significantly higher than the FMR for Section 8. As a result, landlords participating in the Section 8 program should expect to receive less than the market rate for their properties.
The 33.8% renter share suggests that nearly one-third of the households in Republic, Missouri, are renters, indicating a moderate level of demand for rental housing. However, the Section 8 program typically targets lower-income families, so the demand for affordable housing could be high among those eligible for the vouchers.
If you're considering purchasing a property to use as a Section 8 rental, the median home value of $266,736 provides an estimate of the acquisition cost. This means you would likely spend around $266,736 to buy a typical home in the area. Given the lower rent you'd receive through the Section 8 program, ensure that your investment aligns with your financial goals and that the property's location and condition justify the purchase price.
Before proceeding with your first Section 8 rental, verify that the property meets all the necessary requirements for the program. This includes passing a housing quality standards (HQS) inspection and ensuring that the rent is within the allowed limits. These steps are crucial to avoid any issues that might arise after signing the lease agreement.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.