Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $1,020 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,700 |
| 5 Bedrooms | $1,972 |
| 6 Bedrooms | $2,209 |
| 7 Bedrooms | $2,386 |
| 8 Bedrooms | $2,505 |
U.S. Census Bureau data (2024)
A household in ZIP code 62990, with a median income of $64,076, faces a significant challenge in affording the market rate rent of $910. This makes up nearly 20% of their annual income, which is a substantial portion for most families. In comparison, the Housing Choice Voucher Program sets the Fair Market Rent (FMR) at $810, offering a more affordable option for renters.
The affordability gap between the market rate and the FMR suggests that many renters in this area may find it difficult to secure housing without assistance. Given that only 9.1% of the population are renters, the competition among landlords for these tenants is likely to be intense. The limited number of renters means that landlords must carefully consider their rental strategies to attract and retain tenants.
Landlords in ZIP 62990 should recognize that accepting vouchers could provide a stable income stream and a competitive edge in attracting tenants. While the voucher payment standard of $810 is lower than the market rate, it ensures that the rent is paid on time and in full. This predictability can be advantageous over relying solely on cash-paying tenants who might struggle to meet the higher market rates.
In conclusion, landlords in ZIP 62990 should consider the benefits of participating in the voucher program. It not only helps to bridge the affordability gap but also provides a reliable source of income in a market where the demand for affordable housing outstrips supply. By doing so, they position themselves to capture a larger share of the rental market in an area where financial constraints are a reality for many potential tenants.
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.