Location: Hancock County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,120 |
| 4 Bedrooms | $1,220 |
| 5 Bedrooms | $1,415 |
| 6 Bedrooms | $1,585 |
| 7 Bedrooms | $1,712 |
| 8 Bedrooms | $1,798 |
U.S. Census Bureau data (2024)
15.3% of residents in ZIP code 62313 are renters, indicating a moderate demand for rental properties. The Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $920, which represents the maximum amount a landlord can charge for a Section 8 voucher holder. This figure is critical for landlords to understand as it directly impacts their potential rental income. Despite the N/A status for market rent and median home value, the median income of $108,646 provides insight into the economic stability of the area, suggesting that tenants may have the financial capability to afford higher rents if necessary. However, the lack of data on days on market (DOM) and the percentage of price-cut shares means there is no direct indication of how quickly properties are rented out or the frequency of price reductions to secure tenants. For landlords and small-portfolio investors looking to leverage Section 8 vouchers, the $920 FMR offers a predictable and stable source of rental income, especially given the economic backdrop of the region. The steady median income suggests that tenants may be reliable, reducing the risk of non-payment. In conclusion, while there are gaps in the data, the combination of the FMR and median income points towards a viable Section 8 investment strategy in ZIP 62313.
Section 8 verdict: Viable investment opportunity with a stable FMR and solid median income supporting tenant reliability.
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.