Location: Pike County, IL | Metro: Pike County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 62345, located in Pike County, IL metro, reveals several key points regarding rental pricing and housing values. The HUD Fair Market Rent (FMR) for the area is set at $920 for fiscal year 2026. This figure contrasts sharply with the actual market rent of $638 as reported by the Census ACS, indicating that voucher tenants would typically cashflow positively at the HUD FMR rate.
To further understand the local housing market, the median home value in ZIP 62345 is $103,807. Using this data, we can calculate a rent-to-price ratio, which provides insight into the relative affordability of renting versus buying. A simple calculation shows that the annual rent at the market rate ($638 * 12 months = $7,656) represents approximately 7.4% of the median home value. This suggests that renting remains significantly cheaper than owning in terms of the initial investment, making it an attractive option for voucher tenants who might otherwise struggle to afford homeownership.
The days on market (DOM) and the percentage of homes that experience price cuts are not available for this ZIP code. However, given the disparity between the HUD FMR and the market rent, it's clear that the primary benefit for Section 8 investors in this area will be positive cashflow. The higher payment standard set by HUD ensures that landlords receive more than the typical market rent, providing a cushion against potential maintenance costs and vacancies.
In summary, the strongest investor angle in ZIP 62345 is cashflow. Landlords and small-portfolio investors can expect to see a consistent positive cashflow when accepting Section 8 vouchers, due to the substantial difference between the HUD FMR and the actual market rent.
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.