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 |
When considering whether to purchase properties in ZIP code 65805 for Section 8 investments, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $920 cover debt service on a property?
If the FMR does not exceed your debt service requirements, then the answer is No. You cannot afford to buy here if your debt service is higher than the FMR.
2) Is the market rent above, at, or below the FMR?
The data provided does not specify the exact market rent for ZIP 65805. Without this information, you cannot determine if market rents are competitive compared to the FMR. This means the answer is It Depends. To make an informed decision, you must research local market rents.
3) Are there sufficient renters and days on market (DOM) to ensure demand?
The percentage of renters and the average DOM are not provided for ZIP 65805. Therefore, you cannot assess the demand based on these criteria. The answer remains It Depends. Investigate the rental market's dynamics, including vacancy rates and tenant turnover, to gauge demand.
To summarize, if the FMR of $920 is insufficient to meet your debt service needs, purchasing in ZIP 65805 is not advisable. However, if the FMR meets your financial criteria, further investigation into market rents and rental demand is essential before making a final decision.
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.