Location: Hancock County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $720 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $1,030 |
| 3 Bedrooms | $1,240 |
| 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)
26.9% of residents in ZIP code 62341 are renters, indicating a significant portion of the population relies on rental housing. This statistic aligns well with the $938 market rent figure derived from Census ACS data, suggesting that rental properties are priced competitively within the area. The $116,750 median home value is notably lower than the $990 Fair Market Rent (FMR) for the metro area in fiscal year 2026, which implies that owning a home in this ZIP code is more affordable compared to renting. However, landlords should be aware that the median income of $62,262 might limit the pool of potential tenants who can afford higher rents.
The absence of data regarding days on market (DOM) and the percentage of price-cut share suggests that there is limited information on how quickly properties are selling and at what price adjustments, which could indicate a stable real estate market or a lack of recent sales activity. Despite these gaps, the $990 FMR provides a solid benchmark for setting rental prices that are both attractive to tenants and profitable for landlords.
Investors considering Section 8 properties in ZIP code 62341 should focus on the $938 market rent and the $990 FMR. These figures suggest that properties priced around the FMR will be competitive while also ensuring compliance with HUD guidelines. Given the 26.9% renter share, demand for affordable rental units is likely strong, making properties eligible for Section 8 subsidies particularly appealing.
The median income of $62,262 indicates that many residents may qualify for Section 8 assistance, increasing the likelihood of finding suitable tenants. However, landlords must balance this with the need to ensure their rental income covers costs and provides a reasonable profit margin.
A final consideration for landlords is the overall median home value of $116,750. This figure is lower than the FMR, suggesting that purchasing property in this area for rental purposes could be cost-effective, especially when leveraging Section 8 contracts.
Section 8 Verdict: Attractive for investors seeking to capitalize on the strong rental demand and competitive pricing within ZIP 62341.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.