Location: Pulaski County, IL | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $880 |
| 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)
In ZIP code 62992, the economics of Section 8 housing can be clearly understood by examining the SAFMR (Small Area Fair Market Rent) and comparing it to the local market rent. For a two-bedroom apartment, the SAFMR for fiscal year 2024 is set at $810. This rate is specifically determined for this ZIP code, reflecting the unique rental market conditions present here.
The SAFMR serves as the ceiling for monthly rental payments covered by the Housing Choice Voucher program, commonly known as Section 8. Landlords often wonder how much they will actually receive once the tenant's portion and utility allowances are factored into the equation. Here's a straightforward breakdown:
The tenant is typically responsible for paying 30% of their adjusted income towards rent. For simplicity, let's assume a hypothetical tenant with an adjusted income of $1,620 per month (this figure is used for illustration purposes only; actual amounts vary widely based on individual incomes). In this case, the tenant would pay $486 towards the rent ($1,620 x 0.30).
The remaining amount, which covers the difference between the tenant's contribution and the SAFMR, is paid by the housing authority. For a two-bedroom apartment in ZIP 62992, this would mean the housing authority would pay $324 per month ($810 - $486).
Additionally, utility allowances are provided to cover water, electricity, gas, and other household expenses. These allowances are not part of the SAFMR but are added to the total reimbursement to the landlord. The exact amount of utility allowance varies, but it's important for landlords to know that this additional payment can help bridge the gap between the SAFMR and the local market rent.
Given the SAFMR of $810 and assuming a utility allowance of approximately $200 (again, this is illustrative; actual amounts depend on the household's needs), the total reimbursement to the landlord would be around $524 ($324 + $200).
However, since the local market rent for ZIP 62992 is currently listed as N/A, it's impossible to calculate the exact surplus or shortfall without this information. Generally, if the local market rent is higher than the SAFMR plus utility allowance, landlords might face a shortfall. Conversely, if the local market rent is lower, landlords could see a surplus.
To conclude, landlords in ZIP 62992 should expect a reimbursement of $810 for a two-bedroom unit, with the tenant paying $486 and the housing authority covering the rest, including utility allowances. The final economic impact depends on the actual local market rent, which must be known to determine if there is a surplus or shortfall.
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.