Section 8 Fair Market Rent (FMR) for ZIP 62259 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 62259, located in Menard, Illinois, presents unique challenges for both renters and landlords due to limited available data. The median income for households in this area is listed as $0.00, which suggests incomplete or unavailable data. However, the median family income and market rate rental prices are also not specified, making it difficult to assess overall affordability.

In comparison to the federal payment standard of Fair Market Rent (FMR) at $920 for the metro area in fiscal year 2026, the lack of specific income data implies that many households might struggle to afford market rate rents without assistance. This gap highlights the potential reliance on Section 8 vouchers among renters.

With an unspecified percentage of renters and an unknown total population, landlords must consider the competitive landscape carefully. If the population is largely composed of renters who rely on vouchers, the demand for affordable housing could be high, leading to increased competition among landlords willing to accept vouchers.

Takeaway for Landlords:

• If you choose to accept Section 8 vouchers, you align with the federal standard of $920, potentially securing a steady stream of tenants despite lower rental income.
• If you opt for cash-paying tenants, ensure that your rental prices are competitive and affordable given the likely low median income in the area.

The decision between voucher and cash-pay strategies should be informed by the local rental market dynamics and the financial needs of your investment portfolio.

Data Sources: FMR data from HUD (2027).

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.