Section 8 Fair Market Rent (FMR) for ZIP 62082 - 2027

Location: Scott County, IL | Metro: Macoupin County, IL HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

2,265

Median Household Income

$62,875

Housing Units

1,259

Renter Percentage

9.5%

Occupancy Rate

73.5%

Renter Occupied

The ZIP code 62082, located in Southern Illinois, is characterized by its modest living conditions and a strong preference for homeownership over renting. This area presents a unique opportunity for real estate investors interested in the Section 8 housing market, given the specific dynamics of rental costs and tenant preferences.

The Fair Market Rent (FMR) for ZIP 62082 in fiscal year 2024 is set at $940, indicating the government's benchmark for affordable rental units.
The average market rent in this area, according to Census ACS data, is $706, which is significantly lower than the FMR, suggesting that there is potential for landlords to increase rents while still remaining competitive.
The median home value in ZIP 62082 stands at $76,586, making it an attractive region for those looking to invest in property with a lower barrier to entry.
Renters make up only 9.5% of the population, implying a strong demand for homeownership over renting, which could impact the number of available tenants.
The Days on Market (DOM) data is not applicable, which means that rental properties are likely to be leased quickly once they become available.
The median household income is $62,875, providing a stable economic foundation for both renters and homeowners.

In summary, ZIP 62082 offers a balanced market for Section 8 investors. The gap between the market rent and the FMR suggests a potential for higher rental income without deterring eligible tenants. The low median home value indicates that investing in rental properties could yield better returns compared to purchasing homes for personal use. Despite the low renter share, the quick leasing times implied by the lack of DOM data suggest that demand is steady. With a median income that supports the local economy, landlords can expect a reliable pool of tenants who are capable of fulfilling their rental obligations. However, the emphasis on homeownership might require careful targeting of properties to attract and retain Section 8 tenants.

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.