Section 8 Fair Market Rent (FMR) for ZIP 62354 - 2027

Location: Hancock County, IL | Metro: Hancock County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$680
1 Bedroom	$810
2 Bedrooms	$970
3 Bedrooms	$1,160
4 Bedrooms	$1,270
5 Bedrooms	$1,473
6 Bedrooms	$1,650
7 Bedrooms	$1,782
8 Bedrooms	$1,871

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,447

Median Household Income

$72,788

Housing Units

842

Renter Percentage

12.4%

Occupancy Rate

66.2%

Renter Occupied

ZIP code 62354, located in Southern Illinois, is a modest suburban area that offers a blend of rural charm and urban convenience. It is characterized by its affordable housing options and a relatively stable rental market, making it an attractive location for both landlords and small-portfolio investors looking to capitalize on the local real estate trends.

The Fair Market Rent (FMR) for ZIP 62354 is set at $1,000 per month for the fiscal year 2026, indicating the average rent level deemed fair for the area by the U.S. Department of Housing and Urban Development (HUD).
The actual market rent, as reported by the Census Bureau's American Community Survey (ACS), stands at $811 per month, suggesting that there is room for slight increases in rent without pricing out potential tenants.
The median home value in the region is $154,913, which reflects a low barrier to entry for property acquisition and presents opportunities for both rental and resale markets.
Renters make up 12.4% of the housing market in ZIP 62354, showing a smaller but steady demand for rental properties compared to owner-occupied homes.
The Days on Market (DOM) data is currently unavailable, but this metric typically helps gauge how quickly properties sell, which can be crucial for understanding the liquidity of investments in this area.
The median household income in the area is $72,788, providing insight into the financial capacity of residents to afford higher rents or purchase homes, which could influence investment strategies.

Investors considering the ZIP 62354 market should note the gap between the HUD's FMR and the actual market rent, presenting a potential for modest rent hikes. The relatively low median home value suggests that property acquisition costs are manageable, while the median income indicates that residents have the means to support slightly increased costs. However, the smaller share of renters might require careful targeting of rental units towards the most likely tenants, such as young professionals or families seeking affordable housing. Overall, ZIP 62354 offers a balanced opportunity for those interested in a stable, yet growing, real estate market in Southern Illinois.

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.