Location: Randolph County, IL | Metro: Randolph County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,560 |
| 5 Bedrooms | $1,810 |
| 6 Bedrooms | $2,027 |
| 7 Bedrooms | $2,189 |
| 8 Bedrooms | $2,298 |
U.S. Census Bureau data (2024)
The ZIP code 62292, located in a county with a total of 762 residents, stands out due to its unique data profile. With 30.1% of the population renting, it reflects a modest rental market presence. The median income here is $47,857, which is notably lower than the median home value of $71,667, indicating a significant disparity between earning power and housing costs.
The voucher economics in ZIP 62292 present an interesting dynamic. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $950, while the current market rent, according to Census ACS data, is $743. This difference suggests that landlords can potentially benefit from the Section 8 program, as the vouchers aim to cover higher rent amounts compared to the current market rate. However, it's important to note that the actual utilization and acceptance of these vouchers can vary widely based on landlord policies and tenant demand.
Based on the available data, ZIP 62292 appears to be in a transitional phase. The significant gap between median income and home values indicates a growing cost of living that may not align with residents' earning capacity. Meanwhile, the discrepancy between the FMR and the current market rent could be indicative of a rental market that is adjusting to new economic realities. Landlords should monitor these trends closely to make informed decisions about their properties and potential participation in the Section 8 program.
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.