Location: Randolph County, IL | Metro: Randolph 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 | $166,054 | 0.7% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62288 in the metro area for fiscal year 2026 is set at $920. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this area. It's important to note that this is the payment standard for the Housing Choice Voucher program, not the rent you can charge your tenants.
Currently, the average rent for ZIP 62288 is reported at $769, according to the latest Census American Community Survey (ACS) data. This indicates that the FMR is higher than the typical market rate, providing an opportunity for landlords to secure a stable income source while potentially charging slightly above the average local rent.
The 25.8% share of renters in the area suggests a consistent demand for rental properties. With a significant portion of the population relying on rentals, there is a good chance that your property will attract interested tenants who qualify for the Section 8 program. The median household income in the area is around $166,274, which is notably high compared to the average rent, further indicating a strong rental market.
Before proceeding with your first Section 8 rental, it's crucial to verify that your property meets the necessary housing quality standards (HQS). These standards ensure that the rental units are safe, decent, and sanitary. Failure to meet these requirements can result in penalties or disqualification from the program.
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.