Location: Kansas City, MO | Metro: Kansas City, MO-KS HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,420 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
The situation in ZIP code 66119, located in Missouri, presents several challenges and considerations for both renters and landlords. The median income for households in this area is currently unknown, making it difficult to assess the financial stability of potential tenants. Similarly, the market rate for rental properties in ZIP 66119 is also listed as N/A, indicating a lack of comprehensive data on local rent prices.
Despite these uncertainties, there is a known federal payment standard for housing vouchers, which is set at $1160 per month for the fiscal year 2024. This figure represents the maximum amount the government will pay towards a tenant's rent, based on the Fair Market Rent (FMR) for the area. If we assume that the market rate is higher than this voucher amount, it suggests that many households might struggle to cover the difference between the FMR and the voucher payment, especially if their income is below average or not fully disclosed.
The percentage of renters and the total population in ZIP 66119 are also unspecified, but it is reasonable to infer that a significant portion of the residents rely on rental housing. Given the unknown median income and the limited financial support through vouchers, there could be a notable affordability gap for renters. This gap means that landlords might face increased competition from properties that offer lower rents, potentially making it harder to attract tenants willing to pay the full market rate.
Takeaway for Landlords: In ZIP 66119, landlords should carefully consider the voucher versus cash-pay strategy. While accepting vouchers ensures a steady stream of rental payments up to the $1160 monthly limit, it may not cover the full cost of market-rate rentals, especially if the actual market rates exceed this amount. On the other hand, relying solely on cash-paying tenants requires a thorough understanding of the local economy and the ability to offer competitive pricing to attract and retain tenants. Landlords might benefit from a mixed approach, where they accept vouchers for lower-priced units while maintaining higher market-rate rents for better-quality properties.
Data Sources: FMR data from HUD (2027).
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.