Location: Montgomery County, IL | Metro: Bond County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $840 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,520 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
U.S. Census Bureau data (2024)
ZIP code 62262, located within the Montgomery County, IL metro area, presents a unique snapshot when compared to typical ZIP codes in the same county. The Fair Market Rent (FMR) for ZIP 62262 stands at $900 for fiscal year 2024, which is notably lower than the market rent of $1,067. This discrepancy indicates that properties in 62262 may be more affordable for low-income renters participating in the Section 8 program, while still offering a margin above the subsidized rates for landlords.
The median home value in ZIP 62262 is $156,810, which is likely below the average for Montgomery County, IL. This suggests that 62262 could be considered a value pocket within the metro, attracting both first-time homebuyers and investors looking for lower-cost entry points into the real estate market.
The renter share in ZIP 62262 is 16.8%, which is a significant figure and potentially higher than the average renter share across Montgomery County, IL. A high proportion of renters combined with below-average home values can signal a favorable environment for landlords and small-portfolio investors interested in Section 8 housing. This configuration often makes such areas attractive for those seeking stable rental income through government subsidies.
In summary, ZIP 62262 appears to be a value pocket within the Montgomery County, IL metro, offering a blend of affordability for Section 8 participants and potential profitability for landlords. The lower FMR compared to market rent and the below-average home value suggest opportunities for investment in a market where demand for affordable housing meets the realities of a lower-cost living area.
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.