Location: Springfield, MO | Metro: Springfield, MO HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,050 |
| 1 Bedroom | $1,060 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,780 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
ZIP code 65810, located in Springfield, MO, falls within the Springfield, MO HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,050. This figure is notably lower than the market rent of $1,758, indicating that it may be a value pocket within the larger metro area. The median home value in 65810 is $350,459, which is likely close to the average for the Springfield, MO HUD Metro FMR Area, but without specific metro-wide data, we cannot make a direct comparison.
The renter share in 65810 is 26.1%, suggesting a moderate proportion of renters compared to homeowners. Typically, a higher renter share can signal a greater demand for rental properties, especially if combined with lower home values and below-average market rents. However, in 65810, despite the relatively high renter share, the home values are above the average for many value pockets, which might indicate a slightly different scenario.
To determine if 65810 is a Section 8 sweet spot, we must consider the relationship between the FMR and market rent. With an FMR of $1,050 and a market rent of $1,758, landlords could potentially benefit from the disparity, as properties renting below the market rate but above the FMR might attract tenants eligible for Section 8 assistance. This suggests that while 65810 is not necessarily a premium sub-market due to its below-market rent and above-FMR pricing, it could still be an attractive location for landlords looking to balance investment costs with potential rental income.
A key point of interest is the divergence between the high renter share and the above-average home values. This combination is less common in typical value pockets where home values tend to be lower. It implies that while there is a significant rental market, the overall property values remain competitive, making 65810 a somewhat unique neighborhood within the Springfield, MO HUD Metro FMR Area.
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.