Location: St. Louis, MO | Metro: St. Louis, MO-IL HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,010 |
| 1 Bedroom | $1,050 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,640 |
| 4 Bedrooms | $1,900 |
| 5 Bedrooms | $2,204 |
| 6 Bedrooms | $2,468 |
| 7 Bedrooms | $2,665 |
| 8 Bedrooms | $2,798 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $129,729 | 0.99% | C |
| 3BR | $1,640 | $183,650 | 0.89% | C |
| 4BR | $1,900 | $417,719 | 0.45% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62232, Caseyville, IL, is set at $1260 for fiscal year 2024. This figure represents the payment standard for Section 8 housing vouchers, which is the maximum amount the Housing Choice Voucher program will pay on behalf of eligible tenants. It does not mean you can charge $1260 in rent; rather, it's the ceiling for what the government will contribute.
To put this into perspective, the average rent for a two-bedroom apartment in Caseyville, IL, as reported by the Census Bureau's American Community Survey (ACS), is approximately $1041. This indicates that the FMR is higher than the typical market rate, potentially offering landlords a slightly better deal when participating in the Section 8 program.
In Caseyville, about 23.6% of residents are renters. This suggests there is a moderate level of rental demand, which could translate into a steady pool of potential Section 8 tenants. However, it also implies that competition among landlords for these vouchers might be present, but not overwhelming.
When considering the acquisition cost of a property, the median household income in Caseyville is around $141,633. This figure is important because it helps determine the financial health of the area and the likelihood that tenants will be able to afford their portion of the rent. The higher income levels can indicate a stable tenant base, although it's crucial to remember that Section 8 tenants typically have lower incomes and rely on the voucher system.
Before proceeding with your first Section 8 rental, ensure that your property meets all the required quality standards. Specifically, you must pass the Housing Quality Standards (HQS) inspection, which checks for safety, habitability, and overall condition. This is a critical step that cannot be overlooked, as failing to meet these standards can result in the termination of your contract with the housing authority.
In summary, the FMR of $1260 provides a clear guideline for the government's contribution towards rent. With an average market rent of $1041 and a 23.6% renter share, you can expect reasonable demand and a manageable level of competition. The median household income of $141,633 suggests a generally stable economic environment. But the key to success lies in ensuring your property meets the necessary HQS requirements.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.