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)
The ZIP code 65713 is characterized by a significant rental population, with 35.4% of residents being renters. This indicates a notable presence of potential Section 8 tenants who rely on housing vouchers to find affordable living spaces. Given that the median household income stands at $63,750, we can analyze how this relates to the average market rent of $711.
In terms of affordability, the typical rent consumes approximately 13.7% of the median income, calculated as follows: ($711 / $63,750) * 100 = 13.7%. This percentage suggests that rent is relatively manageable for the average resident, though it still represents a substantial portion of their monthly budget.
Comparatively, the Fair Market Rent (FMR) for the area, set at $800 for FY 2024, is higher than the current market rent. This discrepancy means that landlords in ZIP 65713 have some flexibility in setting rents for Section 8 tenants, as the voucher amount covers a slightly higher rent than what is currently typical on the market. However, landlords should be aware that the actual rent they can charge is capped by the voucher amount, which in this case is $800 per month.
A landlord in ZIP 65713 can expect a tenant pool that is largely composed of low-income families and individuals who qualify for Section 8 assistance. These tenants will typically have their rent subsidized, allowing them to afford living in units priced up to the FMR limit. The high percentage of renters points towards a robust demand for subsidized housing, making it a viable option for landlords looking to attract a steady stream of tenants through the Section 8 program.
To summarize, ZIP 65713 presents itself as a market with considerable demand for rental properties, particularly those that accept Section 8 vouchers. Landlords should prepare for a tenant base that requires financial assistance to cover housing costs, but they can leverage the FMR to ensure competitive pricing without exceeding the subsidy limits.
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.