Location: New Madrid County, MO | Metro: New Madrid County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 63828 in metro FY 2026 is set at $920. This figure represents the payment standard for Section 8 housing vouchers, meaning that the government will pay up to $920 per month towards the rent for eligible tenants in this area. It's important to note that this is not the amount you would charge as rent; rather, it's the maximum subsidy available to tenants.
In ZIP 63828, there is a strong demand for rental properties, with 19.0% of residents being renters. This indicates a healthy market for rentals, as a significant portion of the population is looking for places to live. However, the local median rent price is currently listed as N/A, which means we don't have exact figures to compare against the FMR. Nonetheless, the 19.0% renter share suggests that there is a good chance of finding tenants who qualify for Section 8 assistance.
When acquiring a property for a Section 8 rental in this ZIP code, you should be aware that the average purchase price is also listed as N/A. This lack of specific data can make budgeting challenging, but it doesn't necessarily mean there isn't a viable opportunity. The key is to ensure that the rental income, combined with the Section 8 subsidy, covers your costs including mortgage payments, maintenance, and property taxes.
Before finalizing any decision to enter the Section 8 market in ZIP 63828, you must verify that your property meets the Housing Quality Standards (HQS). These standards are set by the Department of Housing and Urban Development (HUD) and include a range of criteria to ensure that the property is safe, decent, and sanitary for tenants. Failure to meet these standards could result in your property being ineligible for the program, so it's crucial to check this aspect thoroughly.
In summary, with an FMR of $920 and a 19.0% renter share, ZIP 63828 presents an opportunity for landlords and small-portfolio investors interested in Section 8 rentals. While specific local rent figures are unavailable, the high percentage of renters suggests a robust market. Ensure your property meets HQS to avoid complications and guarantee eligibility for the program.
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.