Location: Greene County, IL | Metro: Greene County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,520 |
| 5 Bedrooms | $1,763 |
| 6 Bedrooms | $1,975 |
| 7 Bedrooms | $2,133 |
| 8 Bedrooms | $2,240 |
U.S. Census Bureau data (2024)
19.7% of residents in ZIP 62027 are renters, indicating a significant demand for rental properties in the area. The $131,701 median home value suggests a stable housing market, but the focus for Section 8 investors should be on the rental dynamics. With a $533 market rent figure derived from Census ACS data, landlords can set competitive rates while still being mindful of the federal guidelines. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is $1,050, providing a benchmark for acceptable rental prices under the Section 8 program. This means that landlords can potentially charge up to $1,050 per month for a property, which is nearly double the current market rent. However, it's crucial to understand the financial landscape; the median income of $64,375 indicates that tenants might have limited disposable income beyond their rent payments.
The absence of day DOM (Days on Market) and price-cut share percentages makes it challenging to assess the speed at which properties are typically sold or the frequency of price adjustments. Despite these gaps, the disparity between the market rent ($533) and the FMR ($1,050) is clear evidence that the Section 8 program can offer a financially viable option for landlords. The higher rent ceiling under Section 8 compared to the current market rent can help offset potential administrative burdens associated with the program.
To conclude, landlords and small-portfolio investors in ZIP 62027 can find the Section 8 program to be a valuable opportunity to secure steady rental income, given the favorable FMR compared to the local market rent. However, they must also consider the median income levels when selecting tenants to ensure long-term stability and compliance with program requirements.
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.