Location: Springfield, MO | Metro: Springfield, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
To profile ZIP code 65801 as a potential market for Section 8 tenants, we must first consider the basic demographic and economic indicators available. Despite the lack of specific population and median income figures, we can still analyze the situation based on the percentage of renters and the relationship between market rents and the Fair Market Rent (FMR).
The ZIP code has a significant rental presence, indicated by the high percentage of renters. This suggests that there is likely a substantial demand for rental housing, which could include a considerable number of individuals utilizing Section 8 vouchers. In areas where a large portion of the residents are renters, it's common to find higher concentrations of voucher holders.
Market rents in ZIP 65801 are not explicitly stated, but when compared to the FMR of $920 for fiscal year 2024, it becomes evident that if the market rent is below this figure, landlords could potentially benefit from the Section 8 program. The FMR sets the upper limit for what the government will subsidize, so if typical rents are lower, landlords can still attract tenants while receiving a guaranteed payment through the voucher system.
Given the unknown median household income, it's difficult to provide an exact percentage of income that goes towards rent. However, in general, if the median income is significantly lower than the FMR, it implies that a larger share of the local population would rely on assistance like Section 8 to afford housing. Conversely, if incomes are closer to or above the FMR, the burden of rent would be less pronounced, though still impactful for many.
A landlord in ZIP 65801 should anticipate a tenant base that includes a mix of those who can pay market rates and those who require assistance. The Section 8 voucher holders will be a notable segment of the rental market, seeking affordable housing options that fall within their subsidy limits. It is crucial for landlords to understand the administration and compliance requirements of the Section 8 program to effectively manage properties in this area.
In conclusion, ZIP 65801 appears to be a viable location for landlords interested in the Section 8 tenant pool, given its strong rental market and likely dependence on housing subsidies. Landlords should prepare for a diverse tenant base, with a significant portion relying on government assistance to meet their housing needs.
Data Sources: FMR data from HUD (2027).
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.