Location: Madison County, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $830 |
| 1 Bedroom | $930 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,480 |
| 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)
The ZIP code 63662 is primarily a renter-heavy area, with 20.5% of the population renting their homes. Given that there are 536 residents, this translates to approximately 110 renters. The median household income stands at $55,074, indicating a moderate-income community. To determine if this area has a deep voucher demand, we must compare it to the Fair Market Rent (FMR).
The FMR for ZIP 63662 in FY 2024 is set at $930, which serves as a benchmark for rental costs. However, without specific data on the average market rent, we cannot directly calculate the percentage of income that goes towards rent. Assuming the average market rent aligns closely with the FMR, a tenant receiving a voucher would pay no more than $930 per month in rent.
In the context of a median income of $55,074, the FMR of $930 represents about 20% of the monthly income. This suggests that tenants relying on Section 8 vouchers would be paying a reasonable portion of their income towards housing, which is within the acceptable range according to HUD guidelines.
Landlords in ZIP 63662 should expect a tenant profile characterized by individuals and families who rely on government assistance to afford housing. These tenants will likely have a steady source of income, as required by the Section 8 program, but their total financial resources will be limited. It is important for landlords to understand the administrative requirements of the Section 8 program, including regular inspections and rent certifications.
To conclude, ZIP 63662 is a suitable location for landlords interested in participating in the Section 8 program due to its renter-heavy population and the alignment between FMR and typical incomes. The expected tenants will be those who need financial assistance to meet their housing needs, ensuring a stable yet regulated rental environment.
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.