Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $870 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,170 |
| 3 Bedrooms | $1,620 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The median income in ZIP code 63751 stands at $34,318. Given the absence of specific market rate data for this area, we cannot definitively assess whether a household can afford typical rental costs. However, focusing on the Housing Choice Voucher program, which pays a Fair Market Rent (FMR) of $950 per month for the fiscal year 2024, provides insight into the local rental landscape.
Affordability remains a critical issue for many households in 63751. With only 14.1% of the population being renters and a total population of 946, the pool of potential tenants is relatively small. This scarcity translates to heightened competition among landlords to secure both voucher recipients and those paying out-of-pocket. The limited number of renters means landlords must be strategic in their approach to attract and retain tenants.
The FMR of $950 represents a significant portion of the median household income. To put it into context, if we assume an average monthly income based on the annual median income, the household would have approximately $2,859.83 per month before taxes. An FMR of $950 constitutes about 33% of this hypothetical monthly income, highlighting the financial strain many renters face.
Landlords considering their strategy should weigh the benefits of accepting vouchers against the potential for higher rents from cash-paying tenants. While vouchers offer guaranteed payments and a steady stream of income, they come with regulatory compliance and administrative overhead. On the other hand, cash-paying tenants might offer higher rents but are less predictable in terms of payment reliability.
The takeaway for landlords is clear: given the small number of renters and the high proportion of income required to meet even the subsidized FMR, there is a significant affordability gap. Landlords should prepare to balance between the stability of voucher programs and the potential for higher rents from cash-paying tenants, while also considering the local demand and competition.
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.