Location: Wayne County, MO | Metro: Wayne County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 63951 reveals a unique set of circumstances that landlords and small-portfolio investors must consider when framing their rental strategies. With a median household income of $26,639, the financial landscape for potential renters is quite constrained. Unfortunately, the market rate for rentals in this area is listed as N/A, which makes it challenging to directly compare against the voucher payment standard of $890 per month, based on the Fair Market Rent (FMR) for the metro area in fiscal year 2026.
The scarcity of market rate data suggests that there might be limited options available for renters looking to pay out-of-pocket. However, given the low median income, even if market rates were known, they would likely present a significant affordability gap for most residents. This gap means that many households may struggle to meet the cost of market-rate rents, thus relying heavily on housing vouchers to secure accommodation.
With only 0.0% of the 200-person population being renters, it becomes evident that the competition among landlords is minimal. This could indicate a predominantly owner-occupied community, which poses both opportunities and challenges for those looking to enter the rental market. The low number of renters implies that any property made available for rent could potentially attract considerable interest, especially from those utilizing housing vouchers.
The takeaway for landlords considering whether to accept vouchers versus focusing on cash-paying tenants is clear. Given the high dependency on vouchers due to the limited median income and the lack of substantial market-rate rental data, landlords should seriously consider accepting vouchers. This strategy not only taps into a reliable source of rental income but also aligns with the needs of the local community. By doing so, landlords can ensure steady occupancy and avoid the risks associated with targeting a sparse pool of cash-paying renters who may find the costs prohibitive.
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.