Location: Hancock County, IL | Metro: Adams County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $770 |
| 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 62379 is home to a population of 1,854 individuals, with 17.8% of them being renters. The median household income stands at $62,200. This suggests that while there is a segment of the population who rely on rental housing, the overall market is not heavily dominated by renters. The proportion of renters indicates that the demand for Section 8 vouchers may be moderate rather than deep.
To understand the financial landscape, consider that the average market rent in this area is $820. Given the median household income, this means that the typical rent consumes approximately 13.2% of the local income. This percentage is calculated by taking the market rent ($820) and dividing it by the annual median household income ($62,200), then multiplying by 100 to get the percentage.
Comparing the market rent to the Fair Market Rent (FMR) set by HUD for the metro area, which is $920 for fiscal year 2026, shows that the current market rent is below the FMR. This discrepancy suggests that landlords could potentially increase their rents to align closer with the FMR without significantly deterring tenants. However, it's important to note that the actual ability to raise rents depends on the local housing supply and demand dynamics.
The expected tenant profile for landlords in ZIP 62379 would include individuals and families who benefit from Section 8 vouchers. These tenants will likely have an income that is around or below the poverty line, given the nature of the program. Landlords should prepare for tenants who may require assistance with rent payments, but they can also expect a stable source of income through the voucher program. It's crucial for landlords to adhere to the guidelines and regulations associated with accepting Section 8 vouchers, ensuring compliance with both federal and state housing laws.
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.