Location: Schuyler County, IL | Metro: Hancock County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $760 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,190 |
| 4 Bedrooms | $1,470 |
| 5 Bedrooms | $1,705 |
| 6 Bedrooms | $1,910 |
| 7 Bedrooms | $2,063 |
| 8 Bedrooms | $2,166 |
U.S. Census Bureau data (2024)
The ZIP code 62367 is not predominantly a renter-heavy area. With only 10.5% of the population being renters, it indicates that homeownership dominates the housing landscape. This could imply that the demand for Section 8 vouchers might be lower compared to areas with a higher percentage of renters.
Examining the median household income of $58,000, we can deduce that the typical market rent of $850 consumes approximately 15% of the average monthly income. This is calculated by dividing the annual income by 12 months to get the monthly income ($4,833), then dividing the rent by the monthly income (850 / 4,833 = 0.176 or 17.6%). However, this calculation assumes a single renter's income covers the entire rent, which is often not the case as multiple individuals may share the cost.
Comparing the market rent of $850 to the Fair Market Rent (FMR) of $920 for FY 2026, we see that the actual rent is slightly below the FMR, indicating that landlords who charge $850 for their units are within the acceptable range for Section 8 vouchers without exceeding the limit.
A landlord in ZIP 62367 should anticipate a tenant pool that is sensitive to rent costs due to the relatively high proportion of income that rent represents. Tenants will likely be seeking affordable housing options and may rely on assistance such as Section 8 vouchers to manage their living expenses. The competition for rental properties among voucher holders may be less intense given the lower percentage of renters in the area, but landlords still need to ensure their rents align with the FMR to attract tenants who qualify for the 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.