Location: Adams County, IL | Metro: Adams County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,200 |
| 4 Bedrooms | $1,350 |
| 5 Bedrooms | $1,566 |
| 6 Bedrooms | $1,754 |
| 7 Bedrooms | $1,894 |
| 8 Bedrooms | $1,989 |
U.S. Census Bureau data (2024)
The ZIP code 62320 stands out with a population of 2,667 residents, where 21.5% are renters. The median income in this area is $77,143, while the median home value is notably higher at $190,755. This indicates a relatively affluent community with a modest rental presence.
In terms of voucher economics, the Fair Market Rent (FMR) for the metro area in fiscal year 2026 is set at $930. However, the actual market rent, based on Census ACS data, is lower at $691. This discrepancy means that landlords participating in the Section 8 program can expect a higher rent payment than the current market average, potentially making it an attractive option for those looking to secure long-term tenants.
The data suggests that ZIP 62320 has a stable economic environment, characterized by a high median income and home values. With the FMR exceeding the market rent, there's a clear incentive for landlords to participate in the Section 8 program, ensuring a steady stream of income without the risk of vacancy. The relatively low percentage of renters also implies a strong owner-occupied housing market, which could indicate a preference for homeownership among the local population. This stability supports the notion that ZIP 62320 is a desirable location for both living and investment, particularly for small-portfolio investors seeking reliable 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.