Location: Wright County, MO | Metro: Springfield, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 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)
51,339 is the median income for ZIP 65662, indicating a modest economic base. 15.3% represents the share of renters in this area, suggesting a smaller but still significant portion of the population relies on rental housing. The Fair Market Rent (FMR) for ZIP 65662 is set at $800, which is the maximum amount that a Section 8 voucher holder can pay for rent in the area, reflecting the government's assessment of what constitutes a reasonable rent level. However, the market rent figure is listed as N/A, implying a lack of recent data or that the rental market in this area is not well-documented. This could be due to the lower renter share or other factors affecting data collection.
The median home value in ZIP 65662 stands at $246,262, which is a key indicator for potential investment opportunities. Given the modest median income and the FMR, landlords and small-portfolio investors should focus on properties that align with these financial parameters to ensure they attract and retain tenants effectively. The N/A-day DOM (days on market) and N/A% price-cut share suggest that the real estate transactions in this area are less frequent and possibly less competitive compared to urban centers. This could mean that once a property is listed, it may take longer to sell or rent, and price adjustments might not be as common.
In conclusion, for ZIP 65662, the Section 8 program presents a viable option for landlords looking to fill units, with a clear guideline of $800 as the maximum allowable rent. The modest median income and home values indicate a stable but not highly lucrative market, making careful selection of properties crucial for successful investment. The verdict on Section 8 in this area is positive, given the alignment between the FMR and the economic conditions, though investors should proceed with an understanding of the potentially slower market dynamics.
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.