Location: Cape Girardeau, MO | Metro: Cape Girardeau, MO-IL MSA
| 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 |
U.S. Census Bureau data (2024)
ZIP code 63769, located within the Cape Girardeau, MO-IL Metropolitan Statistical Area (MSA), presents a unique profile when compared to other ZIP codes in the region. The Fair Market Rent (FMR) for 63769 is set at $980 for fiscal year 2024, which is notably higher than the market rent of $630. This discrepancy suggests that the area may be attractive to tenants eligible for Section 8 housing assistance, as the subsidy covers a significant portion of the rent.
The median home value in 63769 is $275,589, which is slightly above the average for the Cape Girardeau MSA. However, the renter share in this ZIP code stands at 4.5%, indicating that it has a smaller proportion of renters relative to owner-occupied homes compared to the broader metropolitan area. In the context of the Cape Girardeau, MO-IL MSA, where the average renter share is likely higher, this could mean that 63769 is predominantly a homeownership-driven community.
Given the data points, ZIP 63769 can be characterized as a mid-tier neighborhood within the Cape Girardeau MSA. It offers a balance between relatively affordable home values and higher FMRs that align well with Section 8 subsidies. While the market rent is lower than the FMR, the higher home values suggest that the area is not a value pocket but rather a middle-ground option for both landlords and small-portfolio investors.
The divergence between the FMR and market rent, combined with the moderate renter share, indicates that 63769 is not an ideal sweet spot for Section 8 properties. However, landlords who are willing to participate in the Section 8 program can still find it a viable option, given the subsidy levels and the area's accessibility for potential tenants seeking affordable housing solutions.
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.