Section 8 Fair Market Rent (FMR) for ZIP 62214 - 2027

Location: Washington County, IL | Metro: Washington County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$900
2 Bedrooms	$1,020
3 Bedrooms	$1,360
4 Bedrooms	$1,450
5 Bedrooms	$1,682
6 Bedrooms	$1,884
7 Bedrooms	$2,035
8 Bedrooms	$2,137

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,048

Median Household Income

$104,063

Housing Units

467

Renter Percentage

6.5%

Occupancy Rate

89.1%

Renter Occupied

The ZIP code 62214, located in the greater St. Louis area of Illinois, is a residential community that offers a mix of suburban living and proximity to urban amenities. This region has seen steady growth and stability, making it an attractive market for real estate investment, particularly for those interested in Section 8 properties.

Fair Market Rent (FMR): For fiscal year 2026, the FMR for a one-bedroom apartment in the metro area is set at $1,000, indicating a strong demand for affordable housing options.
Market Rent: According to the latest Census American Community Survey data, the average market rent for a similar unit is $625, suggesting a potential gap between market rates and what tenants can afford through Section 8.
Median Home Value: The median home value in ZIP 62214 stands at $178,994, reflecting a relatively stable housing market that could offer good returns on investment.
Renter Share: Renter share in the area is 6.5%, which is lower than the national average, but still presents opportunities for landlords looking to serve a niche market.
Days on Market (DOM): The data does not provide specific days on market for rentals, but this metric is crucial for understanding how quickly units are being leased in the area.
Median Income: With a median income of $104,063, residents in ZIP 62214 have the financial means to potentially afford higher rents, though many may still seek assistance through programs like Section 8.

In summary, ZIP 62214 offers a balanced real estate market with significant potential for Section 8 investments. The gap between Fair Market Rent and actual market rent provides a clear opportunity for landlords to attract tenants without exceeding their budget. Given the median income level, there's also a chance for upward mobility among tenants, which could translate into higher rental payments over time. However, the relatively low renter share suggests that competition for rental properties might be less intense, allowing for careful selection of tenants and properties. For small-portfolio investors, this ZIP code presents a stable environment where the demand for affordable housing meets the financial capacity of the local population, making it a sound choice for long-term investment strategies.

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.