Location: Wayne County, MO | Metro: Cape Girardeau, MO-IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,280 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
31.0% of residents in ZIP 63960 are renters, indicating a significant demand for rental properties. The $163,509 median home value suggests a moderate housing market where investment opportunities can be found. However, the $664 market rent, based on Census ACS data, is notably lower than the $810 Fair Market Rent (FMR) set for zip FY 2024, creating a potential profit margin for landlords who can offer quality rentals at or near the FMR. Given the $57,875 median income, tenants may find it challenging to afford the FMR without assistance, making the Section 8 program particularly relevant. Unfortunately, the lack of data on days on market (DOM) and the percentage of price-cut share means there's no clear indication of how quickly homes are selling or if there's a trend of price reductions, which could affect the liquidity and pricing strategies of real estate investments. Despite these unknowns, the discrepancy between the market rent and FMR presents an attractive opportunity for landlords willing to participate in the Section 8 program. This allows them to tap into a government-subsidized rental market, ensuring a steady stream of income while providing affordable housing options. The verdict for Section 8 participation in ZIP 63960 is positive, given the alignment between the FMR and the financial capabilities of the average resident.
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.