Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $890 |
| 2 Bedrooms | $1,080 |
| 3 Bedrooms | $1,490 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
The ZIP code 63739 presents an interesting scenario for both renters and landlords. The median income here is $62,500, which suggests that households have a decent financial standing. However, the market rate for rent is listed as N/A, indicating a lack of comprehensive data on typical rental prices in the area. Despite this, we can still analyze the situation using the Fair Market Rent (FMR) figure of $950, which is the standard payment amount for housing vouchers in ZIP 63739 for fiscal year 2024.
Given the median income, it is reasonable to assume that most households could afford a monthly rent of $950 without significant strain. This FMR aligns well with the financial capabilities of the average resident, making it a realistic benchmark for rental pricing in the area.
The ZIP code has a population of 508, with 24.6% of residents being renters. This relatively low percentage of renters indicates that the competition among landlords might be moderate, but the limited number of potential tenants means that each unit becomes valuable. Landlords must consider how they position their properties to attract the best possible tenants, whether they prefer those who pay in cash or those who use housing vouchers.
The affordability gap between the median income and the FMR suggests that there is a segment of the population that might rely on housing vouchers to secure living arrangements. This reliance on vouchers could influence the rental market dynamics, especially if a significant portion of the renters fall into this category.
Takeaway for landlords: In ZIP 63739, accepting housing vouchers can be a strategic move, given the alignment between the FMR and the median income. It ensures a steady stream of tenants who can reliably pay the rent, even if it means dealing with some administrative processes associated with voucher programs. For landlords aiming to maximize occupancy and minimize vacancy periods, integrating voucher tenants into their portfolio can be a viable option alongside traditional cash-paying renters.
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.