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 |
The ZIP code 65890 in Springfield County, Missouri, presents a unique scenario for landlords and small-portfolio investors due to its distinct data characteristics. The area lacks specific demographic details such as resident count, percentage of renters, median income, and median home value, making it challenging to assess typical market conditions. However, the focus shifts to the economic dynamics surrounding Section 8 vouchers, which can offer clarity amidst the uncertainty.
The Fair Market Rent (FMR) for ZIP 65890 is set at $920 for fiscal year 2024. This figure is crucial for landlords participating in the Housing Choice Voucher program, as it determines the maximum rental amount that can be subsidized for eligible tenants. Without comparative market rent data, the FMR serves as a benchmark for rental pricing in the area. It's important to note that the FMR is typically lower than the market rent in most areas, thus landlords must consider their costs and potential profit margins carefully.
Despite the absence of detailed local market data, the stability of the FMR can provide some assurance to landlords. A stable FMR suggests consistency in rental subsidies, which can help manage cash flow expectations. However, the lack of other key indicators such as population growth, median income levels, and median home values leaves the overall data signature somewhat transitional. Landlords should remain vigilant and adapt to any changes in the broader economic environment that could impact rental demand and affordability.
In conclusion, while ZIP 65890 offers limited demographic insights, the clear economic parameters around Section 8 vouchers provide a solid foundation for investment decisions. Landlords should leverage the $920 FMR to guide their rental pricing strategies, while keeping an eye on broader trends that could influence the area's transitional nature.
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.