Location: Daviess County, MO | Metro: Daviess County, MO
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,370 |
| 5 Bedrooms | $1,589 |
| 6 Bedrooms | $1,780 |
| 7 Bedrooms | $1,922 |
| 8 Bedrooms | $2,018 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP 64647 presents a nuanced scenario for landlords and small-portfolio investors, especially when considering both the purchase and rental sides of the market. The median home value stands at $286,846, indicating a stable price point that has likely been influenced by recent market conditions. Although the percentage of listings that have been reduced and the median days on market (DOM) are currently unavailable, we can infer certain trends based on the existing data.
The median home value suggests that the market is neither overheated nor in a significant downturn. This stability provides a solid foundation for long-term investment strategies. However, the absence of specific data on reduced listings and DOM makes it challenging to gauge the immediate supply-demand balance and the urgency of buyers in the market. Nonetheless, this lack of volatility signals a balanced market where pricing power remains steady, without the sharp fluctuations often seen in more dynamic markets.
On the rental side, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is projected to be $890, while the current market rent is $425. This significant gap indicates an opportunity for landlords who can position their properties competitively. As the FMR approaches, there will likely be upward pressure on rents, benefiting those who can maintain quality standards and offer desirable amenities. The disparity between the FMR and the current market rent also suggests potential for growth in rental income over the next 12-24 months, aligning with broader economic recovery and increasing demand for housing.
For long-hold investors, the realistic appreciation thesis is tied to the gradual convergence of market rents towards the FMR. As rents rise to meet the FMR, the value of rental properties is likely to appreciate, reflecting the increased profitability of the rental stream. This thesis is supported by the expectation that economic conditions will improve, leading to higher incomes and greater demand for housing, which will drive up both rents and property values. However, it's important to note that appreciation is contingent upon maintaining high-quality, well-managed properties that can command higher rents as the market adjusts.
The setup implied by the data suggests a market that is moving towards equilibrium, with opportunities for those who can navigate the rental dynamics effectively. Landlords and investors should focus on improving property management practices and ensuring their properties are positioned to attract tenants willing to pay closer to the FMR. This approach will capitalize on the expected increase in rental income and, consequently, property value appreciation over time.
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.