Location: Randolph County, IL | Metro: Perry County, IL
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 | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,160 | $153,136 | 0.76% | D |
U.S. Census Bureau data (2024)
920 FMR (metro FY 2026) indicates the Fair Market Rent for ZIP 62286, which is higher than the $759 market rent observed according to the Census ACS data. This suggests that there is potential for rental income growth in this area. Additionally, the median home value stands at $130,830, providing a clear benchmark for property values. With 33.9% of residents being renters, it's evident that there is a significant demand for rental properties in this ZIP code. The median income of $61,220 gives insight into the financial capacity of the local population to afford housing. While the days on market (DOM) and price-cut share data are not available, the existing figures paint a picture of a market where Section 8 vouchers can play a crucial role in making housing affordable for many residents.
The discrepancy between the FMR and the actual market rent highlights an opportunity for landlords who can position their properties slightly above the current market rate but still within reach of tenants using Section 8 vouchers. Given the median income of $61,220, it's reasonable to assume that a portion of the 33.9% renter share would benefit from the assistance provided by Section 8 vouchers. Landlords in ZIP 62286 should consider the $920 FMR as a guideline for setting competitive rental rates that attract both voucher holders and other tenants.
In conclusion, the data points towards a favorable environment for landlords and small-portfolio investors interested in participating in the Section 8 program. The relatively low market rent compared to the FMR, combined with a substantial renter share and median income levels, suggest that Section 8 can be a viable strategy for ensuring steady occupancy and income in this area. For landlords looking to maximize their investment returns while serving a community in need, ZIP 62286 presents a solid opportunity.
Verdict: Acceptable for Section 8 participation.
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.