Location: New Madrid County, MO | Metro: Dunklin County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,330 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
33.1% of the residents in ZIP 63837 are renters, indicating a significant demand for rental properties in the area. This statistic aligns with the $627 average market rent observed in recent Census data, which reflects the typical cost tenants are willing to pay for housing. Despite the high percentage of renters, the median home value remains unspecified, suggesting a lack of comprehensive data on homeownership costs. However, the Federal Market Rent (FMR) for the metro area in fiscal year 2026 stands at $890, providing a benchmark for what the government considers a fair rental rate. Landlords should note that this figure exceeds the current market rent by $263, potentially offering a competitive advantage when setting rental prices.
$46,066 is the median income for ZIP 63837, which is crucial for understanding the financial capacity of potential tenants. Given that the median income is below the metro's FMR threshold, it highlights a challenge for many residents to afford higher rents. The unspecified days on market (DOM) and the unspecified percentage of price-cut share suggest that while there may be some fluctuation in property values, the data does not provide enough detail to draw conclusions about the local real estate market's volatility. Nonetheless, the presence of these gaps in the data should prompt landlords and small-portfolio investors to conduct thorough market research before making investment decisions.
The disparity between the $627 market rent and the $890 FMR indicates a potential opportunity for landlords who can offer quality housing that justifies the higher rent. However, given the median income of $46,066, it is essential to consider the affordability for tenants when pricing units. With 33.1% of the population being renters, there is a steady demand for rental properties, but landlords must balance rental rates with tenant affordability to maintain occupancy levels.
Section 8 Verdict: ZIP 63837 is suitable for Section 8 investments due to the high renter share and the gap between market rents and FMR, though careful consideration of tenant income is necessary.
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.