Location: Jasper County, IL | Metro: Cumberland County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 62428 presents an interesting scenario for landlords and small-portfolio investors considering Section 8 tenants. With a population of 2,777, only 15.6% of residents are renters, indicating that this area is primarily dominated by homeowners. This means that the pool of potential Section 8 tenants is relatively smaller compared to areas with higher percentages of renters.
The median household income in ZIP 62428 stands at $53,333, which provides a benchmark for understanding the economic context of the area. The market rent currently averages at $706 per month, representing approximately 15% of the median income. This percentage is calculated by dividing the monthly rent by the annual median income ($706 / $53,333 * 12), suggesting that rent is affordable for most residents.
However, it's important to note the Fair Market Rent (FMR) set by HUD for the metro area, which is $920 per month for fiscal year 2026. This figure is significantly higher than the current market rent, indicating that there might be a discrepancy between what landlords could potentially charge and what the government considers a fair market rate for rental assistance. Landlords should be aware of this when setting their own rents or considering participation in the Section 8 program.
A landlord in ZIP 62428 can expect tenants who rely on Section 8 vouchers to have incomes below the median, often around 30-50% of the area median income (AMI). Given the FMR of $920, these tenants would likely be seeking apartments priced at or below this amount. While the voucher demand is present, it is not as deep as in areas with higher renter populations. Therefore, landlords should be prepared to offer units at competitive rates to attract Section 8 tenants effectively.
In summary, ZIP 62428 is not a renter-heavy area, but there is still a viable tenant pool for those interested in Section 8. Landlords should price their units close to the FMR to ensure they are eligible for voucher holders while keeping in mind the overall affordability of rent relative to local incomes.
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.