Location: Hancock 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 62349 is situated in a rural setting, characterized by a small community with a total population of 517 residents. Only 18.8% of these residents are renters, indicating a primarily owner-occupied area. The median household income stands at $67,981, suggesting a middle-class community where most households can afford housing without significant financial strain. However, the median home value is not available, which could imply a limited number of homes or an absence of recent sales data.
From an investment perspective, the Federal Market Rent (FMR) for ZIP 62349 is set at $1,000 for the fiscal year 2026, reflecting the government's estimate of fair rental values for the area. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is significantly lower at $658. This discrepancy between the FMR and the market rent presents a unique opportunity for investors familiar with the Section 8 program.
Given the characteristics of ZIP 62349, it is well-suited for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the relatively low percentage of renters means that there is less competition for Section 8 tenants, who will be willing to pay up to $1,000 per month. This makes it easier to find properties that qualify for the program and to manage them with minimal effort. For value-add buyers, the potential exists to improve properties and charge closer to the FMR, capturing the difference between the market rent and the higher subsidy rates.
In summary, ZIP 62349 offers a stable environment for Section 8 investments, with a clear gap between market rents and government subsidies. Whether you're looking to operate passively or actively manage your portfolio, this area provides a solid foundation for profitable rental operations under the Section 8 program.
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.