FMR is below market; voucher rent may lag private rents.
0.80
1 BR
1 BR
0.99ratio
FMR$780
Market$790
vs market-$10
FMR is near market; voucher and private rents are aligned.
0.99
2 BR
2 BR
0.77ratio
FMR$970
Market$1,260
vs market-$290
FMR is below market; voucher rent may lag private rents.
0.77
3 BR
3 BR
0.91ratio
FMR$1,290
Market$1,420
vs market-$130
FMR is near market; voucher and private rents are aligned.
0.91
4 BR
4 BR
0.94ratio
FMR$1,370
Market$1,450
vs market-$80
FMR is near market; voucher and private rents are aligned.
0.94
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
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ZIP 65409 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 65409 (Rolla, MO) is $970 a month. That is up 4.3% from $930 in FY 2026. Rolla is in the Phelps County, MO non-metropolitan FMR area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the county-wide two-bedroom FMR of $973. Among 15 ZIP codes in Phelps County, 65409 is tied for the 10th-highest two-bedroom rent (county range $960–$1,180).
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 65409
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$730
$750
+2.7%
$675–$825
1BR
$740
$780
+5.4%
$702–$858
2BR
$930
$970
+4.3%
$873–$1,067
3BR
$1,220
$1,290
+5.7%
$1,161–$1,419
4BR
$1,240
$1,370
+10.5%
$1,233–$1,507
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 65409
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$750
$780
$970
$1,290
$1,370
FY 2026
$730
$740
$930
$1,220
$1,240
FY 2025
$680
$690
$890
$1,170
$1,180
FY 2024area FMR
$646
$658
$865
$1,161
$1,168
FY 2023area FMR
$610
$647
$852
$1,080
$1,209
Marked years use a different HUD benchmark than FY 2027, so they are not a like-for-like change.
Two-bedroom rent in nearby Phelps County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 65409?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the county-wide two-bedroom FMR of $973, which applies unless the housing authority uses Small Area FMRs, that basic range is $876 to $1,070 a month; under the ZIP-level Small Area FMR of $970 it would be $873 to $1,067. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is ZIP 65409 in?
ZIP 65409 is in the Phelps County, MO non-metropolitan FMR area. Small Area FMRs are optional here; the county-wide two-bedroom FMR is $973.
How much did fair market rent change in ZIP 65409 for FY 2027?
The two-bedroom FMR rose 4.3%, from $930 in FY 2026 to $970 in FY 2027. Since FY 2025 it has risen 9.0%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set