Location: Taney County, MO | Metro: Springfield, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $1,040 |
| 3 Bedrooms | $1,350 |
| 4 Bedrooms | $1,540 |
| 5 Bedrooms | $1,786 |
| 6 Bedrooms | $2,000 |
| 7 Bedrooms | $2,160 |
| 8 Bedrooms | $2,268 |
U.S. Census Bureau data (2024)
The ZIP code 65614, located in Missouri, presents an interesting scenario for both renters and landlords alike. The median income for households in this area stands at $61,875, which places significant constraints on rental budgets. The market rate for rent, according to the Census ACS, is $877 per month. This figure represents a substantial portion of the average household's monthly income, making it challenging for many residents to find affordable housing.
To put this into perspective, let's consider the voucher payment standard, which is set at $910 for the fiscal year 2024. This amount is slightly above the market rate, suggesting that those who receive vouchers might have an easier time finding housing compared to those relying solely on their income. However, the difference between the voucher payment and the market rate is minimal, indicating a tight market where even slight increases in rent can affect affordability.
With only 18.0% of the 567 population being renters, competition among landlords in this area is likely to be fierce. The limited number of renters means that landlords must be strategic in how they position their properties to attract tenants. Offering competitive pricing and amenities will be crucial in securing long-term, reliable tenants.
The affordability gap in ZIP 65614 is evident, with the median income barely covering the cost of market-rate rent. For landlords considering their strategy, focusing on voucher recipients could provide a more stable tenant base, given the closer alignment of voucher payments with market rates. However, landlords should also prepare for a high demand from non-voucher holders, necessitating a balanced approach to maximize occupancy and income potential.
Takeaway: Landlords in ZIP 65614 should consider the benefits of accepting Section 8 vouchers, given the slight premium over market rates. At the same time, they must remain competitive in pricing and offerings to attract the broader pool of cash-paying renters, ensuring a robust and diverse tenant mix.
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.