Location: Montgomery County, IL | Metro: Bond County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
7.6% of residents in ZIP 62077 are renters, indicating a modest demand for rental properties. Given the $1030 Fair Market Rent (FMR) set for zip FY 2024, landlords can confidently price their units at this level without risking non-payment from tenants participating in the Section 8 program. The Census ACS reports a market rent of $970, suggesting that while there's a slight premium for Section 8 units, it remains within a reasonable range for local conditions.
N/A for the median home value implies that homeownership is less common or data is sparse, which could mean that rental properties have a significant role in the housing market. With a median income of $72,917, the average household in 62077 has the financial capacity to afford rents close to the FMR, but the exact figure of N/A for days on market (DOM) and N/A% for price-cut share suggests that there might be some uncertainty in the rental market dynamics. This lack of specific data points to either a stable market or one that hasn't seen enough turnover to establish reliable trends.
The gap between the FMR and market rent indicates that there is room for landlords to slightly increase their rates above the typical market level without being overly aggressive. However, the absence of detailed information on DOM and price-cut shares means that landlords must remain vigilant about pricing to avoid overpricing their units relative to what tenants can afford.
A final consideration is the Section 8 program's coverage and acceptance in 62077. While the program provides a safety net for tenants, landlords should ensure that they understand the administrative processes involved and the potential impact on cash flow. The difference of $60 between the FMR and market rent is a positive indicator for landlords willing to accept Section 8 tenants, as it offers a margin that can help cover any administrative costs or delays.
Section 8 verdict: Acceptable for landlords who can navigate the administrative requirements, given the modest demand and favorable FMR to market rent ratio.
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.