Location: Jasper County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $750 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,180 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62434 in fiscal year 2026 is set at $960. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, which is not the amount tenants will pay but rather the maximum amount that HUD will reimburse landlords. Landlords receive a portion of the rent directly from the tenant, with the remainder covered by the housing assistance payment.
In ZIP 62434, the local median rent is currently listed as N/A, making it difficult to provide a direct comparison. However, the FMR of $960 serves as a benchmark for determining the maximum rent that can be charged to a Section 8 tenant in this area. It's important to note that the actual rent you charge must be reasonable and comparable to similar units in the area.
The 7.6% renter share indicates that approximately 7.6% of the local population are renters. This suggests a moderate level of demand for rental properties in the area. To put this into perspective, if you were to acquire a property in ZIP 62434, the average cost would be around $160,865 based on recent data. This figure can help you assess the potential return on investment when considering a Section 8 rental.
Before committing to a Section 8 rental in ZIP 62434, ensure that your property meets all the necessary inspection criteria. HUD requires that all Section 8 properties pass a thorough inspection to meet health and safety standards. Failure to comply could result in reduced payments or even termination of the contract.
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.