Location: Dade 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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $990 | $211,763 | 0.47% | F |
| 3BR | $1,350 | $315,898 | 0.43% | F |
| 4BR | $1,540 | $453,927 | 0.34% | F |
U.S. Census Bureau data (2024)
The ZIP code 65770, located in Walnut Grove, Missouri, presents a market in motion where the Federal Market Rent (FMR) stands at $800 for fiscal year 2024, while the actual market rent, as reported by the Census Bureau's American Community Survey, is slightly lower at $741. This indicates that landlords and small-portfolio investors could potentially adjust their rental prices upwards to align more closely with the FMR, capturing a higher margin without straying too far from current market conditions.
The median home value of $309,710 suggests a stable residential market, but the absence of data on the percentage of homes sold with price cuts and the days on market (DOM) makes it challenging to definitively conclude whether supply is outpacing demand or vice versa. However, the fact that the FMR exceeds the market rent might imply a slight lean towards demand being robust enough to support higher rents, which could signal a potential tightening in the rental market.
A renter share of 16.1% reveals a predominantly owner-occupied area, but it also points to an ongoing long-term housing pressure. In markets where a significant portion of residents are renters, there is typically a consistent need for affordable housing options. While 16.1% is relatively low, it still represents a notable segment of the population that relies on rentals. Over time, this can translate into sustained demand for rental properties, especially as the broader economic conditions influence homeownership rates.
Landlords and small-portfolio investors should monitor local economic indicators and trends in homeownership closely. The dynamics between the FMR and market rent suggest a market that is responsive to changes, and understanding these nuances can help investors make informed decisions regarding pricing and investment strategies.
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.