How many renters live in New Madrid County, Missouri?
The County of New Madrid County has 16,341 people living in 6,769 households.
There are 5,632 renters living in 2,380 renter households in this County. Renters make up 34.47 percent of the population living in New Madrid County.
What is the rental market like in New Madrid County, Missouri?
There are an estimated 7,919 housing units in the New Madrid County area. Of these, 2,452 units are rental homes, making up 31 percent of the housing market. For every renter household in New Madrid County, Missouri, there are 1 rental units.
What is the vacancy rate for rentals in New Madrid County?
The rental vacancy rate in New Madrid County is 3 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in New Madrid County for each bedroom size?
Occupied Rental Units by Size in New Madrid County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 21 | 332 | 1,050 | 769 | 184 |
Occupied Rental Units by Size in New Madrid County
A large number of apartments in New Madrid County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in New Madrid County are overburdened by housing costs?
Among renter households in this market, 36 percent have housing cost burden. Further, 17 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in New Madrid County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $629 to $1,111. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $629 |
| One BR | $635 |
| Two BR | $834 |
| Three BR | $1,008 |
| Four BR | $1,111 |
2024 Fair Market Rents in New Madrid County, Missouri
How many units are rented at Fair Market Rent (FMR) in New Madrid County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 14 | 67 percent |
| One BR | 238 | 72 percent |
| Two BR | 561 | 53 percent |
Rental Units Below FMR in New Madrid County, Missouri
How many affordable rental units are in New Madrid County?
There are a variety of federal affordable housing programs serving households in New Madrid County, Missouri including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 230 |
| Public Housing | 279 |
| Section 8 Project-Based Rental Assistance | 233 |
| Section 202 Supportive Housing for the Elderly | 10 |
| USDA Section 515 Rural Rental Housing | 215 |
Tracked Units by Federal Program in New Madrid County, Missouri
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in New Madrid County, Missouri
New Madrid County features 979 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in New Madrid County, Missouri
There are 167 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in New Madrid County.
Housing Choice Vouchers in New Madrid County, Missouri
On average, Section 8 Housing Choice vouchers pay New Madrid County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in New Madrid County.
The maximum amount a voucher would pay on behalf of a low-income tenant in New Madrid County, Missouri for a two-bedroom apartment is between $751 and $917.
Sourced from federal housing data and AffordableHousingOnline.com research.
