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 | $760 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,400 |
| 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 | $1,400 | $329,254 | 0.43% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63785 in fiscal year 2024 is set at $920. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not necessarily the rent you will receive; it's the ceiling for what the Housing Choice Voucher program will cover.
In comparison, the average market rent in ZIP 63785, based on recent Census American Community Survey (ACS) data, is approximately $1,079. This indicates that the FMR is slightly below the local market rate, which could affect your decision if you're looking to maximize income. However, the Section 8 program guarantees timely payments through vouchers, reducing the risk of non-payment.
The 8.1% renter share in this area suggests there is a moderate level of demand for rental properties. While this percentage isn't extremely high, it does indicate that a significant portion of residents are renters, making it a viable market for Section 8 properties.
If you're interested in acquiring a property in this ZIP code, the median home value is around $272,548. This is the typical price you might expect to pay for a home, though actual costs can vary widely depending on the condition and location of the property.
Before proceeding with a Section 8 rental, ensure you verify the following: check the physical condition of the property against the Housing Quality Standards (HQS) criteria. These standards are set by the Department of Housing and Urban Development (HUD) and must be met for the property to qualify for the Section 8 program. This step is crucial to avoid delays in approval and potential disputes with tenants over property conditions.
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.