Location: Sullivan County, MO | Metro: Putnam County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,050 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
A skeptical investor might raise several concerns regarding the viability of investing in ZIP code 63560. Here are some common objections addressed with available data:
Will Fair Market Rent ($1,160) cover the mortgage on a home?
The data does not provide a median home value for ZIP code 63560, making it difficult to accurately assess the potential mortgage costs. However, given the limited population size and rental rates, it is likely that mortgage payments could be covered by the Fair Market Rent. To make a definitive decision, an investor should consult local real estate professionals for current home values and associated mortgage costs.
Is there enough renter demand at 29.6%?
The renter occupancy rate of 29.6% suggests that a significant portion of the housing stock is owner-occupied. This can be seen as a challenge for rental investment. However, the total number of households in ZIP 63560 is 77, indicating a relatively small community. Despite the low percentage of renters, the absolute number of rental units could still be sufficient to support a modest portfolio. Additionally, the rental market in ZIP 63560 is characterized by a range of options, including 3+ bedroom apartments typically renting for $500 - $749 per month, which may appeal to different segments of the population.
Will vouchers keep pace with $1,042 market rents?
The Fair Market Rent for ZIP 63560 is $1,160, which is slightly above the average market rent of $1,042. While this indicates that vouchers could potentially cover the cost of renting, the actual availability and amount of vouchers in the area is not specified. Investors should verify the local Section 8 program's participation rates and voucher amounts to ensure they align with market conditions. Given the modest rental prices and the Fair Market Rent figure, it is reasonable to assume that vouchers will generally keep pace with market rents, though this varies by individual case.
While the data provides insights into the rental market and occupancy rates, it lacks specific information on median home values and detailed voucher program data. These gaps highlight the need for further investigation into local real estate trends and government assistance programs before making investment decisions in ZIP 63560.
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.