Location: Schuyler County, IL | Metro: Schuyler County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 program in ZIP code 62344, located in Schuyler County, Illinois, reveals a significant gap between the Fair Market Rent (FMR) and the actual market conditions. The FMR for the metro area in fiscal year 2026 is set at $920, while the median home value is $72,600, and the median income stands at $45,882.
In ZIP 62344, 28.6% of residents are renters. Given the lack of specific market rent data, we must rely on the FMR to understand the rental landscape. The FMR exceeds the local market rent, suggesting that voucher tenants can command rents above the open-market rate. This makes the ZIP code a yield play for landlords and small-portfolio investors.
The FMR of $920 is significantly higher than the typical market rent, which implies that voucher tenants can pay more than what the average market might offer. This creates an opportunity for landlords to potentially earn higher returns by renting to voucher holders. However, it also means that landlords need to ensure their properties meet HUD standards to qualify for the program.
The median income in ZIP 62344 is $45,882, which is about the same as the state average but slightly higher than the national average. With a median home value of $72,600, it's clear that homeownership is more affordable here compared to larger urban areas in Illinois and the United States. The FMR represents a 127% increase over the median income, indicating that low-income families may struggle to find suitable housing without assistance.
Given these conditions, landlords in ZIP 62344 can leverage the Section 8 program to secure steady rental income, even if it requires some initial investment to meet the necessary standards. The gap between FMR and market rent, along with the relatively high percentage of renters, makes this ZIP code an attractive option for yield-focused investments.
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.