Location: Greene County, IL | Metro: Greene County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 62078 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. Given the median income is not available, it's difficult to assess the overall financial health of the households. However, the market rate rent is also listed as N/A, indicating a lack of comprehensive data on rental prices in the area.
Despite these gaps in data, we can still analyze the situation using the Fair Market Rent (FMR) figure of $940, which represents the voucher payment standard for the metro area in fiscal year 2026. This figure provides a benchmark against which landlords can measure their rental rates. If current rents are higher than $940, it suggests that many renters might struggle to find housing without government assistance.
The ZIP code has a relatively low percentage of renters at 11.1%, with a total population of 73. This indicates a smaller pool of potential tenants, which could mean increased competition among landlords to attract those who are looking to rent. The limited number of renters also implies that the demand for rental properties is not high, potentially affecting occupancy rates and requiring landlords to be flexible with their pricing strategies.
The affordability gap, while not quantifiable due to missing median income data, is significant enough to warrant attention. If market rents exceed the FMR of $940, the disparity between what renters can afford and what landlords charge will widen, making it harder for individuals to secure housing independently. This scenario would benefit landlords who accept vouchers, as they can fill vacancies with tenants who have government support, ensuring steady income.
For landlords considering their strategy regarding voucher versus cash-pay tenants, the takeaway is clear: accepting vouchers can be a viable approach given the likely affordability issues faced by local renters. It ensures a stable tenant base and aligns rental income with government standards, reducing the risk of vacancies in a competitive market. However, landlords should also be prepared to cater to a mix of tenants, including those who might pay in cash, to maximize their portfolio's adaptability and profitability.
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.