Section 8 Fair Market Rent (FMR) for ZIP 62334 - 2027
Location: Hancock County, IL | Metro: Hancock County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $670 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,250 |
| 5 Bedrooms | $1,450 |
| 6 Bedrooms | $1,624 |
| 7 Bedrooms | $1,754 |
| 8 Bedrooms | $1,842 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$38,750
To determine if a landlord should buy in ZIP code 62334 for Section 8 purposes, follow these decision points:
- Does the Fair Market Rent (FMR) of $940 cover the debt service on a property?
- If the FMR of $940 is sufficient to cover the debt service, proceed to the next question.
- If the FMR of $940 does not cover the debt service, then the answer is No. It would not be financially viable to purchase a property in this area for Section 8 tenants.
- Is the market rent above, at, or below the FMR?
- If the market rent is above $940, it indicates that there is potential to earn more from market-rate tenants than from Section 8 vouchers. In this case, landlords might want to consider renting to market-rate tenants instead.
- If the market rent is at or below $940, it suggests that the property could be competitive in the Section 8 housing market.
- Are the 24.7% of renters combined with the N/A-day days on market (DOM) indicative of sufficient demand?
- If the rental market is robust with low DOM, indicating quick turnover of properties, and the percentage of renters is substantial at 24.7%, then there is likely enough demand to support a Section 8 property. The answer would be Yes.
- If the DOM is high, suggesting slow sales or rentals, even with the 24.7% of renters, the answer would be It Depends. Landlords would need to assess their tolerance for risk and the time they are willing to wait for a tenant.
Note: Specific details about the market rent and DOM were not provided in the initial query. These figures are crucial in making an informed decision and should be researched for ZIP 62334.
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.