What HUD offices serve Advance, Missouri?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the Missouri Public Housing and Low-Income Apartments Waiting Lists page for openings near Advance.
How many renters live in Advance, Missouri?
The City of Advance has 1,451 people living in 712 households.
There are 294 renters living in 164 renter households in this City. Renters make up 20.26 percent of the population living in Advance.
What is the rental market like in Advance, Missouri?
There are an estimated 774 housing units in the Advance area. Of these, 187 units are rental homes, making up 24 percent of the housing market. For every renter household in Advance, Missouri, there are 1 rental units.
What is the vacancy rate for rentals in Advance?
The rental vacancy rate in Advance is 12 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Advance for each bedroom size?
Occupied Rental Units by Size in Advance
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 12 | 47 | 51 | 50 | 4 |
Occupied Rental Units by Size in Advance
A large number of apartments in Advance have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Advance are overburdened by housing costs?
Among renter households in this market, 29 percent have housing cost burden. Further, 15 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Advance
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $601 to $1,259. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $601 |
| One BR | $607 |
| Two BR | $797 |
| Three BR | $1,037 |
| Four BR | $1,259 |
2024 Fair Market Rents in Advance, Missouri
How many units are rented at Fair Market Rent (FMR) in Advance?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 12 | 100 percent |
| One BR | 35 | 74 percent |
| Two BR | 35 | 69 percent |
Rental Units Below FMR in Advance, Missouri
How many affordable rental units are in Advance?
There are a variety of federal affordable housing programs serving households in Advance, Missouri including the following:
| Federal Program | Unit Count |
| Section 8 Project-Based Rental Assistance | 16 |
| USDA Section 515 Rural Rental Housing | 60 |
Tracked Units by Federal Program in Advance, Missouri
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Advance, Missouri
Advance features 44 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Advance, Missouri
There are 16 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Advance.
Housing Choice Vouchers in Advance, Missouri
On average, Section 8 Housing Choice vouchers pay Advance landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Advance.
The maximum amount a voucher would pay on behalf of a low-income tenant in Advance, Missouri for a two-bedroom apartment is between $717 and $877.
Sourced from federal housing data and AffordableHousingOnline.com research.
