Location: New Madrid County, MO | Metro: New Madrid County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,260 |
| 5 Bedrooms | $1,462 |
| 6 Bedrooms | $1,637 |
| 7 Bedrooms | $1,768 |
| 8 Bedrooms | $1,856 |
U.S. Census Bureau data (2024)
The potential risks for investing in Section 8 properties in ZIP code 63866 are significant and must be carefully considered. Tenant turnover is a major concern, with the market rent set at $673 compared to the Fair Market Rent (FMR) of $890 for the fiscal year 2026 in the metropolitan area. This disparity can lead to higher turnover rates as tenants may seek more affordable housing options, causing disruptions in rental income and necessitating frequent repairs and maintenance.
Vacancy exposure is another critical issue. The days on market (DOM) for vacant properties is currently unavailable, which makes it difficult to predict how long a property might remain unoccupied. Given that vacancies mean no rental income, this uncertainty poses a substantial financial risk for landlords.
Deferred maintenance is also a concern, especially considering the typical home value of $66,321 and the median income of $33,750. These figures suggest that homeowners and renters in this area may struggle to afford significant repairs, which could impact the condition of Section 8 properties over time. Landlords will need to be prepared to cover the costs of maintaining the property to meet program standards, potentially out of pocket if the tenant cannot contribute to these expenses.
However, these risks must be weighed against the high renter share in the area, which stands at 60.5%. High renter density generally indicates strong demand for rental housing, including Section 8 vouchers. This can help mitigate some of the risks associated with vacancy and turnover, as there is likely to be a steady pool of qualified tenants seeking affordable housing solutions.
In conclusion, the risks for a first-time Section 8 landlord in ZIP 63866 are moderate. While challenges such as tenant turnover and deferred maintenance exist, the high proportion of renters in the area provides a buffer against prolonged vacancies and ensures a stable tenant pipeline.
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.