Location: Edgar County, IL | Metro: Clark County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,230 | $130,010 | 0.95% | C |
U.S. Census Bureau data (2024)
The ZIP code 61944 encompasses a modest-sized community with a total population of 11,261 residents. Nearly one-third, or 28.8%, of these individuals are renters, indicating a significant demand for rental properties in the area. The median household income stands at $56,383, which places it below the national average, suggesting that many residents might rely on financial assistance such as Section 8 vouchers to afford housing. The median home value in this ZIP code is $101,071, reflecting an affordable housing market.
Moving into the specifics of rent economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920. However, the current market rent, as per the Census ACS data, is $786. This discrepancy between the FMR and the actual market rent suggests that there is room for landlords to increase rents while still remaining competitive and within the bounds of Section 8 guidelines.
For a Section 8 investor, ZIP 61944 presents a balanced opportunity. A hands-off voucher operator can find stability in this area, given the established need for subsidized housing and the likelihood of steady occupancy rates due to the high percentage of renters. On the other hand, a hands-on value-add buyer could potentially improve properties and charge closer to the FMR without alienating tenants, thereby increasing revenue and property value over time.
In summary, ZIP 61944 offers a clear path for both types of investors. With a median income of $56,383 and a median home value of $101,071, the area is well-suited for those seeking to provide affordable housing solutions. The difference between the FMR ($920) and the current market rent ($786) provides flexibility for strategic adjustments in pricing, making it a viable option for both passive and active investment strategies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.