Location: Randolph County, IL | Metro: Perry County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $920 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62238 in fiscal year 2026 is set at $1,200. This figure represents the payment standard for Section 8 housing vouchers in the area, meaning that if you participate in the program, the Housing Authority will pay up to $1,200 per month toward rent for eligible tenants. However, it's important to note that this is not the amount you can charge for rent; it's the maximum subsidy the government will provide.
In comparison, the average rent for the area, according to the Census American Community Survey (ACS), is $1,042. This indicates that the FMR is slightly above the market rate, which could be beneficial for landlords looking to cover operating costs and still make a profit. The difference between the FMR and the actual market rent suggests that landlords might need to adjust their expectations for additional income beyond the subsidy.
The 20.5% renter share in ZIP 62238 shows that there is a significant portion of the population who would likely be interested in renting properties, including those who qualify for Section 8 assistance. This percentage translates into a steady demand for rental properties, especially those that cater to lower-income individuals.
Regarding acquisition costs, the data indicates that this information is not available. Therefore, potential landlords should research the typical purchase price of homes in ZIP 62238 independently to determine whether the investment aligns with their financial goals and risk tolerance.
Before committing to a Section 8 rental property, landlords should verify the condition of the home against the Housing Quality Standards (HQS). These standards ensure that the property meets basic safety and habitability requirements, which are necessary for participation in the program. Ensuring compliance with HQS is critical because failing to meet these standards can result in reduced payments or termination from the program.
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.