Location: St. Joseph, MO | Metro: St. Joseph, MO-KS MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The classification of ZIP 66035 (Highland, KS) on the axes of yield and stability reveals it to be a steady-cashflow zone. The Federal Market Rent (FMR) for fiscal year 2024 stands at $880, which is higher than the market rent of $617. This suggests that properties in this area can command rents above the local average, thereby offering a decent yield for investors.
Moreover, the median home value in the area is $165,820, indicating a relatively affordable market for purchasing rental properties. When considering the median household income of $97,895, it becomes evident that tenants have the financial capacity to meet the higher-than-average rental rates without significant strain. This balance between rental rates and income levels supports the notion of a stable market.
The percentage of renters in the area is 20.9%, which is a moderate figure. While it's not exceptionally high, it does suggest a sufficient demand for rentals. The lack of data on days on market (DOM) makes it difficult to assess how quickly properties might turn over, but the other indicators point towards a steady rather than volatile market.
In conclusion, the combination of a favorable yield ($880 FMR vs $617 market rent) and reasonable stability (supported by median income and moderate renter population) positions ZIP 66035 as a reliable investment option for those seeking consistent cash flow rather than high-risk, high-reward scenarios typical of flip-style markets.
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.