Location: Wayne County, MO | Metro: Madison County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $740 |
| 1 Bedroom | $870 |
| 2 Bedrooms | $1,000 |
| 3 Bedrooms | $1,210 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
U.S. Census Bureau data (2024)
In ZIP code 63964, there are several potential risks for landlords considering Section 8 investments. Firstly, tenant turnover can be problematic when comparing the market rent to the Fair Market Rent (FMR) of $900 for fiscal year 2026. The lack of available data on market rents suggests that there might be a significant disparity between what tenants are willing to pay and what they are eligible for under the Section 8 program. This can lead to higher turnover rates as tenants seek properties that match their financial capabilities.
Vacancy exposure is another concern due to the absence of data on the days on market (DOM). Without this information, it's challenging to predict how long a property might remain vacant, which directly impacts cash flow. Landlords must be prepared for extended periods without rental income, especially if the local housing market favors buyers over renters.
The deferred maintenance exposure is notable, given the median income of $41,500. With lower incomes, tenants may have limited resources for maintaining the property, leading to potential wear and tear that landlords will need to address. This risk is compounded by the lack of data on typical home values, which indicates that the cost of repairs and renovations could be unpredictable.
However, these risks are somewhat mitigated by the high renter share of 14.4%. A larger proportion of renters typically translates into higher demand for Section 8 vouchers, which can stabilize occupancy rates. Additionally, the presence of a substantial number of renters often correlates with a vibrant local economy, providing landlords with a broader pool of potential tenants.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.