Location: Lawrence County, IL | Metro: Lawrence County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,140 |
| 4 Bedrooms | $1,220 |
| 5 Bedrooms | $1,415 |
| 6 Bedrooms | $1,585 |
| 7 Bedrooms | $1,712 |
| 8 Bedrooms | $1,798 |
U.S. Census Bureau data (2024)
21.7% of residents in ZIP 62417 are renters, indicating a significant demand for rental properties. The $950 Fair Market Rent (FMR) for the metro area in fiscal year 2026 shows what landlords can charge under Section 8 guidelines, providing a clear benchmark for rental pricing. Meanwhile, the $682 average market rent based on Census ACS data suggests that there is room for growth, as the FMR exceeds the current market rate. This gap can be particularly advantageous for landlords participating in the Section 8 program, allowing them to potentially receive higher rents compared to the local market. Additionally, the median home value of $88,959 indicates that the area is relatively affordable, which could attract more tenants looking for cost-effective housing options. The median income of $54,792 further supports this, showing that many residents may find it challenging to afford homeownership and thus rely on renting. Although the days on market (DOM) and the percentage of price-cut shares are not available, the data points towards a strong rental market where Section 8 participation could be financially beneficial. With these figures, it's evident that landlords in ZIP 62417 can leverage the Section 8 program to secure stable income while offering affordable housing.
The $950 FMR is notably higher than the $682 market rent, suggesting that Section 8 properties might command a premium in this area. Given the median income of $54,792, many residents will likely qualify for assistance, making the program an attractive option for both tenants and landlords. The lack of specific data on DOM and price-cut shares does not detract from the overall positive outlook for Section 8 participation in ZIP 62417. Landlords can expect steady occupancy rates and consistent income streams, aligning well with the financial realities of the area.
Section 8 Verdict: Landlords in ZIP 62417 should consider participating in the Section 8 program due to the favorable FMR-to-market rent ratio and the substantial renter share of the population.
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.