Location: Wayne County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 62824 is located in a rural setting primarily encompassing parts of the Cape Girardeau County in Missouri. This area is characterized by a modest-sized community of 1,485 residents, with only 15.0% of them being renters. The median household income here stands at $61,591, indicating a middle-class neighborhood where homeownership is prevalent, given the median home value of $97,094.
From an investment perspective, the rental economics of ZIP 62824 are quite interesting. The Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) for the metro area in fiscal year 2026 is $920. However, the actual market rent, as per the Census American Community Survey (ACS), is significantly lower at $607. This disparity suggests that there could be opportunities for landlords who can manage properties efficiently and offer quality rentals at competitive rates.
Given these conditions, ZIP 62824 might appeal more to a hands-on value-add buyer rather than a hands-off voucher operator. The lower market rents indicate that simply relying on government subsidies may not be sufficient to cover costs and generate desirable returns. Instead, an investor who is willing to actively manage properties, potentially renovate and improve them, and target the local rental market could find success. Such an approach would leverage the gap between the HUD FMR and the actual market rent, allowing for higher occupancy rates and better financial performance.
In summary, while the number of renters is limited, the potential exists for those who are prepared to engage deeply with the local market. For hands-off operators, the risks may outweigh the rewards due to the relatively low proportion of renters and the need for properties to compete effectively against the lower market rents.
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.