Section 8 Fair Market Rent (FMR) for ZIP 62271 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$850
2 Bedrooms	$930
3 Bedrooms	$1,270
4 Bedrooms	$1,280
5 Bedrooms	$1,485
6 Bedrooms	$1,663
7 Bedrooms	$1,796
8 Bedrooms	$1,886

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,873

Median Household Income

$82,746

Housing Units

950

Renter Percentage

15.0%

Occupancy Rate

87.5%

Renter Occupied

125

The area covered by ZIP code 62271, located in Southern Illinois, offers a stable environment for real estate investment. Known for its blend of rural charm and accessibility to urban amenities, this region attracts a diverse mix of residents, including families and retirees.

Fair Market Rent: The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $920, indicating a steady demand for affordable housing options.
Market Rent: According to Census ACS data, the average market rent for the area is $740, suggesting that properties priced closer to the FMR could be competitive and attract tenants quickly.
Median Home Value: The median home value in ZIP 62271 is $163,336, which is relatively low compared to national averages, making it an attractive option for first-time buyers and investors looking for affordable entry points.
Renter Share: With a 15.0% renter share, there is a moderate but significant portion of the population who prefer renting over buying, providing a consistent tenant pool for landlords.
Days on Market (DOM): The data does not provide specific days on market for rental properties, which could indicate a healthy market where listings are typically occupied without prolonged vacancy periods.
Median Income: The median household income stands at $82,746, offering assurance that tenants can afford higher rents, potentially allowing landlords to command better rates or invest in property upgrades.

In summary, ZIP 62271 presents a balanced opportunity for real estate investment. The combination of a moderate renter share and a relatively high median income supports the potential for stable rental income. Properties priced near or slightly below the Fair Market Rent could be particularly appealing to tenants, while the low median home value suggests a favorable cost basis for acquisitions. Landlords and small-portfolio investors should focus on maintaining competitive pricing and ensuring quality accommodations to maximize their returns.

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.