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 |
The Fair Market Rent (FMR) for ZIP code 62993 in Unknown, Missouri, for fiscal year 2024 is set at $870. This figure represents the payment standard for Section 8 vouchers in your area, which means that if you decide to participate in the Housing Choice Voucher Program, this is the maximum amount that the government will pay toward a tenant's rent. It is important to note that this is not necessarily the rent you can charge; it is the amount the government will contribute.
The FMR does not directly correlate with the average rent in the area due to the lack of available data on local rents. However, the percentage of renters in the area is N/A%, indicating the potential demand for rental properties. This suggests that there is a significant number of tenants who might be interested in renting your property through the Section 8 program.
When acquiring a property for Section 8 rentals, you should consider the typical costs involved. The median home value in ZIP 62993 is listed as N/A, which provides a baseline for understanding the acquisition cost of a property in this area. Keep in mind that the actual price you pay could vary based on the condition of the property and other factors.
To ensure the viability of your investment, one key factor to verify is that your property meets the minimum housing quality standards known as "HQS." These standards are designed to ensure that homes are safe and decent for tenants. You must confirm compliance with these requirements before participating in the Section 8 program, as failure to meet them can result in penalties or loss of eligibility.
In summary, if you're considering your first Section 8 rental in ZIP 62993, the government will pay up to $870 per month toward a tenant's rent. With a substantial portion of the population renting, there is likely demand for your property. However, you must ensure that your property meets all necessary quality standards before proceeding.
Data Sources: FMR data from HUD (2027).
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.