Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The ZIP code 62914 presents a unique opportunity for real-estate investors, particularly those interested in Section 8 properties. With a Fair Market Rent (FMR) of $870 for fiscal year 2024, it significantly outpaces the local market rent of $515. This indicates a potential for higher rental yields when leveraging Section 8 vouchers.
The median home value in ZIP 62914 is $33,611, which is notably low. This suggests that acquiring properties in this area could be cost-effective, especially considering the FMR figures. The disparity between the FMR and the median home value implies that there is room for profit even after accounting for renovation costs and other expenses associated with flipping properties.
However, the ZIP code also exhibits characteristics of stability. Approximately 34.4% of residents are renters, indicating a consistent demand for rental housing. While the average days on market (DOM) is not available, the median household income of $41,103 suggests that there is enough economic activity to support a stable tenant base. This income level is sufficient to cover the local market rent but may struggle to meet the FMR without assistance such as Section 8 vouchers.
Given these figures, ZIP 62914 appears to be a high-yield/medium-stability market. It offers the potential for significant rental income due to the high FMR relative to the median home value, making it attractive for those looking to flip properties into Section 8 rentals. However, the stability is not at the highest level because of the lack of data on days on market, which could indicate some volatility in the rental market. Still, the relatively high percentage of renters and the median income provide a solid foundation for steady cash flow.
To summarize, for landlords and small-portfolio investors, ZIP 62914 represents a viable investment opportunity where the potential for high yields is balanced by medium levels of stability. The key figures driving this assessment are the FMR of $870, the local market rent of $515, the median home value of $33,611, and the median income of $41,103.
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.