Location: Union County, IL | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
27.1% of residents in ZIP code 62957 are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns with the $873 average market rent, which is derived from Census ACS data, suggesting that rental properties are priced competitively within the area. The $77,935 median home value reflects the overall affordability of the region, making it accessible for both homeowners and investors looking to purchase rental properties. However, the median income of $46,053 may pose challenges for potential tenants seeking to cover the $873 monthly rent without assistance.
The Fair Market Rent (FMR) for ZIP 62957 in fiscal year 2024 is set at $970, providing a benchmark for what landlords can charge while still being eligible for Section 8 subsidies. Given the discrepancy between the market rent ($873) and the FMR ($970), there is a slight opportunity for landlords to increase their rents and still remain within the subsidy range, potentially improving their cash flow.
Investors should note that the data does not provide insights into the average days on market (DOM) or the percentage of homes that have had their prices cut, which could be indicative of the local real estate market's health and competition levels. Despite these missing pieces of information, the data suggests that the market is stable, with rents slightly below the FMR, offering a reasonable margin for landlords.
Based on the $970 FMR and the $873 market rent, the verdict for Section 8 participation in ZIP 62957 is positive. Landlords can expect to find a balance between market rates and subsidized rents, making it a viable option for small-portfolio investors looking to stabilize their income streams.
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.