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)
A household in ZIP code 63874, with a median income of $48,000, faces significant challenges in affording the market rate rent of $696. This figure represents the average cost a tenant would need to pay for housing in the area, based on recent Census Bureau data. However, the reality is that even at the market rate, many residents struggle due to their income levels.
The situation becomes more complex when considering the federal payment standard of Fair Market Rent (FMR) set at $890 for the metro area in fiscal year 2026. This means that landlords who accept Section 8 vouchers will be paid closer to the higher FMR rate, rather than the lower market rate. The disparity between the median income and both the market rate and the FMR highlights a substantial affordability gap for tenants in this region.
In ZIP 63874, where only 21.4% of the 288 residents are renters, competition among landlords is likely to be fierce. Given the limited number of potential tenants, landlords must carefully consider their rental strategies to attract and retain tenants. Accepting Section 8 vouchers could provide a steady stream of income at a higher rate, but it also comes with additional administrative burdens and restrictions.
For landlords, the decision between voucher and cash-pay tenants should be made with an understanding of the local economic conditions. While cash-paying tenants might offer more flexibility, the financial stability provided by voucher payments, which cover a larger portion of the FMR, can be more attractive. The key takeaway is that landlords in ZIP 63874 should prepare for a challenging rental market and consider the benefits of accepting vouchers to mitigate the risk of vacancies.
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.