HUD Fair Market Rent · FY 2026 · effective Oct 1, 2025 to Sep 30, 2026
Fair Market Rent in Phelps County, Missouri (FY 2026)
A two-bedroom in Phelps County carries a FY 2026 Fair Market Rent of $933 a month, effective October 1, 2025 through September 30, 2026. Everything Section 8 pays in Phelps keys off that figure.
2 bedroom FMR
$933
FY 2026, utilities included
Payment standard range
$840 to $1,026
90% to 110% of FMR
Income to afford 2BR
$37,320
per year, at 30% of income
Rank in Missouri
40th of 116
by 2BR FMR
HUD has already published FY 2027. On October 1, 2026 the two-bedroom rate in Phelps moves to $973. That's up 4%. The full FY 2027 table is in the history section below.
HUD's number is one input. What does a two-bedroom in Phelps actually rent for?
Search any address in Phelps for a rent estimate built from nearby comps, with the HUD figure right next to it.
FY 2026 Fair Market Rents
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2025 |
|---|---|---|---|---|---|
| Studio | $730 | $657 to $803 | $29,200 | $14.04/hr | +8.6% |
| 1 bedroom | $742 | $668 to $816 | $29,680 | $14.27/hr | +9.1% |
| 2 bedroom | $933 | $840 to $1,026 | $37,320 | $17.94/hr | +6.3% |
| 3 bedroom | $1,231 | $1,108 to $1,354 | $49,240 | $23.67/hr | +6.1% |
| 4 bedroom | $1,235 | $1,112 to $1,359 | $49,400 | $23.75/hr | +6.1% |
5 to 8 bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $1,420 | $1,278 to $1,562 |
| 6 bedroom Estimate | $1,606 | $1,445 to $1,767 |
| 7 bedroom Estimate | $1,791 | $1,612 to $1,970 |
| 8 bedroom Estimate | $1,976 | $1,778 to $2,174 |
Source: HUD Office of Policy Development and Research, FY 2026 Fair Market Rents. Rents include utilities. huduser.gov
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2026 that's October 1, 2025 through September 30, 2026. In Phelps, that runs from $730 for a studio up to $1,235 for four bedrooms, all five rates in the table above.
Because Phelps sits outside any HUD metro area, its rate is a county-wide figure built from local rents. One number covers every address in the county, Rolla included.
Among Missouri's 116 counties, Phelps ranks 40th for two-bedroom FMR. That's about 5% above the state median of $888 and about 8% below the national median county at $1,018. About 44,843 people live here, 23rd in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $890 in 65436 (Beulah) and $1,100 in 65461 (Duke), with the 9 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Phelps somewhere between $840 and $1,026. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$933 a month is affordable, by HUD's 30% rule, on an income of roughly $37,320 a year. Put another way, $18 an hour full time.
Worked example for a two-bedroom, assuming the rent equals the payment standard. Tenant pays 30% of monthly income, HUD's housing assistance payment covers the rest.
| Monthly household income | Tenant pays (30%) | HAP at 90% ($840) | HAP at 100% ($933) | HAP at 110% ($1,026) |
|---|---|---|---|---|
| $2,500 | $750 | $90 | $183 | $276 |
| $4,000 | $1,200 | $0 | $0 | $0 |
Rate history
The two-bedroom rate went up 6% from FY 2025 ($878) to FY 2026 ($933). Since FY 2020 it's up 30% in total, about 4.5% a year. The Missouri median moved up 8% over the same year.
| Year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $482 | $545 | $718 | $900 | $1,170 | — |
| FY 2021 | $506 | $556 | $733 | $912 | $1,149 | +2.1% |
| FY 2022 | $560 | $601 | $791 | $978 | $1,146 | +7.9% |
| FY 2023 | $610 | $647 | $852 | $1,080 | $1,209 | +7.7% |
| FY 2024 | $646 | $658 | $865 | $1,161 | $1,168 | +1.5% |
| FY 2025 | $672 | $680 | $878 | $1,160 | $1,164 | +1.5% |
| FY 2026 | $730 | $742 | $933 | $1,231 | $1,235 | +6.3% |
| FY 2027 | $756 | $781 | $973 | $1,299 | $1,374 | +4.3% |
Nearby counties
Questions people ask
$933 a month for FY 2026, which runs October 1, 2025 through September 30, 2026. The other rates are $730 for a studio, $742 for one bedroom, $1,231 for three and $1,235 for four.
Tools for this county
Fair Market Rent lookup
Look up any ZIP code's Small Area FMR by bedroom count.
Section 8 rent calculator
Work out the payment standard and tenant share for a specific rent.
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords.
Rent affordability calculator
See what income a household needs for a given rent.
What does a rental in Phelps actually go for?
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