Location: Richland County, IL | Metro: Richland County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,360 |
| 5 Bedrooms | $1,578 |
| 6 Bedrooms | $1,767 |
| 7 Bedrooms | $1,908 |
| 8 Bedrooms | $2,003 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 62419 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. Given the median income of $95,982, it's essential to understand how this figure aligns with both market rate rents and the federal payment standard for housing vouchers.
Unfortunately, the market rate rent for ZIP 62419 is listed as N/A, which means we cannot directly compare it against the median income. However, we can assess the situation using the Fair Market Rent (FMR) as a benchmark. The FMR for the metro area in fiscal year 2026 is set at $930. This figure represents the average amount paid by voucher holders and is used to determine the maximum rent a landlord can charge when accepting a voucher.
Considering that only 9.6% of the 352 residents are renters, the competition among landlords is relatively low. This limited demand for rental properties might make it challenging to find tenants willing to pay above the FMR, especially if they are on a fixed income or relying on housing assistance. The affordability gap becomes evident when comparing the FMR to the median income, suggesting that many households could potentially afford higher rents without assistance.
For landlords in ZIP 62419, the decision between accepting voucher payments versus cash-paying tenants should be informed by an understanding of the local rental market dynamics. While voucher payments provide a steady stream of income guaranteed by the government, the overall lower rent compared to what the market might bear could be a consideration. Accepting cash-paying tenants who can afford more than the FMR might offer higher returns but comes with the risk of vacancy in a less competitive rental environment.
The takeaway for landlords is that while the opportunity exists to attract tenants paying above the FMR, the relatively small number of renters and their likely dependence on financial assistance suggest that accepting vouchers could be a viable strategy. It ensures a consistent income stream and taps into the federal support system, though it caps potential earnings. Landlords should weigh these factors carefully based on their investment goals and the specific needs of their properties.
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.