Location: Douglas 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 market dynamics in ZIP code 65720 are shaped by the Federal Market Rent (FMR) figure of $830 for fiscal year 2024. This FMR provides a benchmark for rental prices, indicating that the average rent for a property eligible under the Section 8 program should not exceed this amount. Despite the FMR being set, the actual market rent is currently unreported, suggesting a lack of transparency or data availability regarding current rental rates.
The absence of data on price-cut share and days on market (DOM) makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the 18.4% renter share suggests a significant portion of the population relies on rental housing. This percentage indicates a steady demand for rental properties, which could imply ongoing housing pressure as renters seek affordable options. The reliance on rental housing can be indicative of an area where homeownership is less prevalent, possibly due to economic factors, lifestyle choices, or the affordability of housing.
A higher renter share often correlates with a greater sensitivity to changes in rental costs and availability. Landlords and small-portfolio investors must remain vigilant to the potential for increased competition among renters and the need to offer competitive rents and amenities to attract tenants. The snapshot of the market in ZIP 65720 reveals a reliance on rental housing, but without historical trends or comparative data, the exact trajectory of the market remains unclear. Investors should focus on understanding local economic conditions and tenant preferences to navigate this market effectively.
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.