Location: Union County, IL | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
810 FMR (zip FY 2024) sets the benchmark for rental properties in ZIP 62952, indicating that units priced at or below this figure will be eligible for Section 8 subsidies. 688 market rent (Census ACS) reveals the average rent charged in the area, which is notably lower than the FMR, suggesting a potential gap landlords can fill by offering quality rentals at the subsidized rate. 134,092 median home value highlights the overall affordability of the housing market in this region, making it an attractive location for both renters and landlords. 16.9% renter share underscores the demand for rental properties, as nearly one in six residents are looking for places to rent. This statistic aligns with the 64,097 median income, which indicates that many residents might find it challenging to afford homeownership, thus driving up the need for affordable rentals.
N/A-day DOM suggests that there is limited data on how long properties stay on the market before being rented, but given the low market rent and high demand, it's reasonable to expect short durations. N/A% price-cut share similarly lacks specific data, implying that landlords in this area may not frequently have to reduce their asking prices to attract tenants. The combination of these factors—affordable market rents, a significant renter population, and potentially stable rental rates without frequent price adjustments—makes ZIP 62952 a promising investment opportunity for those interested in Section 8 properties.
The difference between the 810 FMR and the 688 market rent presents a clear opportunity for landlords to maximize their returns while still providing affordable housing options. Given the 16.9% renter share and the median income, it is evident that there is a substantial market for Section 8 rentals in this area. Therefore, the verdict for Section 8 investments in ZIP 62952 is positive, with potential for steady cash flow and manageable property management costs.
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.