Location: Crawford County, IL | Metro: Clark County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $770 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,310 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 62413 presents a unique opportunity for landlords and small-portfolio investors due to the significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for the metro area as of fiscal year 2026 is set at $940. However, the market rent is currently not available, which suggests that the FMR might be higher than what the market can bear.
In the absence of market rent data, we must consider the implications of the FMR being above the typical rental prices. This scenario would indicate that voucher tenants could potentially pay more than what the average market rent is, thus making this a yield play. Landlords who accept Section 8 vouchers could see an increase in their rental income compared to non-voucher tenants, as the government subsidy would cover the difference between the FMR and the tenant's portion of the rent. Given the median income of $86,250 in this ZIP code, it's reasonable to assume that there is a demand for affordable housing options, which Section 8 can provide.
The lack of a reported median home value and the fact that 0.0% of residents are renters suggest a predominantly owner-occupied community. Despite this, the high FMR indicates that the rental market, though small, is likely to have properties valued at levels that exceed what many local residents can afford without assistance. Therefore, the presence of Section 8 voucher holders can stabilize the rental market by ensuring a steady stream of tenants who can meet the FMR, even if it's above the natural market rate.
To summarize, the analysis in ZIP 62413 points to a potential yield advantage for landlords accepting Section 8 vouchers, given the higher FMR. The exact financial benefit cannot be quantified in terms of percentage or dollar amount without the current market rent figure, but the trend suggests that voucher tenants could help achieve higher rental yields than those found in the open market.
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.