Section 8 Fair Market Rent (FMR) for ZIP 61562 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 61562, located in the heart of rural Illinois, offers a unique investment opportunity for landlords and small-portfolio investors. This area is characterized by its low population density and agricultural focus, which influences both the rental market and property values.

• The Fair Market Rent (FMR) for ZIP 61562 in fiscal year 2024 is set at $980, indicating the average rent price for a two-bedroom apartment.
• The market rent for the area is currently unavailable, suggesting limited recent data on actual rental prices.
• The median home value in ZIP 61562 is also not available, implying that there may be insufficient sales data to provide a reliable figure.
• Rental share in the area is reported at 0.0%, reflecting a predominantly owner-occupied community with minimal demand for rental properties.
• The days on market (DOM) for listings in this ZIP code is not available, which could indicate a slow-moving market where properties take longer to sell or rent.
• The median income for the area is not available, making it challenging to assess the economic stability and potential rental income of tenants.

Given the data points, investors should approach ZIP 61562 with caution. The low rental share suggests a market dominated by homeowners rather than renters, potentially limiting the pool of tenants. While the FMR provides a benchmark for rental pricing, the lack of current market rent data and median home values means there's less clarity on how properties are actually performing and valued. The absence of days on market and median income metrics further complicates understanding the local economy and real estate market dynamics. In summary, while the area offers the prospect of stable, owner-occupied investments, the scarcity of detailed rental market data and economic indicators makes it difficult to predict strong rental returns or property appreciation. Landlords and investors looking to enter this market should conduct thorough due diligence and consider the long-term stability over short-term gains.

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.