Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,330 | $208,317 | 0.64% | D |
U.S. Census Bureau data (2024)
The ZIP code 63764 presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) set at $810 for the fiscal year 2024 indicates a benchmark for what is considered reasonable rent in the area, established by HUD. However, the actual market rent, as reported by the Census Bureau's American Community Survey, stands at $743. This suggests that landlords may have some flexibility in pricing, but it also implies that tenants might be sensitive to higher rents, given the gap between FMR and market rates.
A 0.1% price-cut share is a critical indicator of market health. It reveals that very few properties are being discounted to attract tenants, which points towards a relatively strong demand. If the demand were weak, we would likely see a higher percentage of homes being offered at reduced prices to make sales or rentals. The fact that the days on market (DOM) data is not available can be interpreted as either a very active market where properties move quickly or a less active market where sales and rentals are sporadic and thus harder to track. Given the low price-cut share, the former seems more plausible.
The median home value of $186,185 is another significant metric. It reflects the overall affordability of homeownership in the area. For small-portfolio investors and landlords, this figure underscores the potential for investment opportunities, especially if they aim to offer rental properties that cater to those who cannot afford to buy at the median price point. This could include both first-time buyers who are priced out of the market and long-term renters who prefer not to own a home.
The 21.2% renter share is indicative of the long-term housing pressures in the area. A higher proportion of renters suggests a sustained demand for rental properties, which can be beneficial for landlords. It signals a population that is either unable or unwilling to purchase homes, possibly due to financial constraints or lifestyle choices. This dynamic creates a steady base of potential tenants, ensuring a continuous flow of rental income.
In summary, ZIP 63764 appears to be a market where demand is robust, and supply is well-managed. The slight discount in market rent compared to FMR, combined with a low price-cut share, points to a healthy balance. The median home value and renter share further reinforce the idea that there is ample opportunity for landlords and investors to capitalize on the existing housing dynamics without resorting to aggressive price reductions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.