Location: Wayne County, IL | Metro: Wayne County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $670 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $960 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,480 |
| 5 Bedrooms | $1,717 |
| 6 Bedrooms | $1,923 |
| 7 Bedrooms | $2,077 |
| 8 Bedrooms | $2,181 |
U.S. Census Bureau data (2024)
The ZIP code 62446 is primarily a homeowner-dominated area, with only 1.7% of the population being renters. This indicates that there is not a heavy concentration of renters, and thus, the demand for housing vouchers under the Section 8 program is likely to be relatively low. The median household income in this ZIP is $78,500, which suggests that residents generally have a higher financial stability compared to those in more renter-heavy areas.
Market rent figures are not available for this specific ZIP code, making it difficult to directly calculate what percentage of local income goes towards typical rent. However, we can compare the median income to the Fair Market Rent (FMR) set by HUD, which for the metro area including ZIP 62446 is $990 per month for FY 2026. Assuming a household spends about 30% of its income on housing, which is a common benchmark, the monthly rent would be approximately $1,962.50 based on the median income. This means the FMR represents roughly half of the expected rental payment for a household earning the median income in this ZIP code.
A landlord in ZIP 62446 should expect tenants who are likely to be on the lower end of the income spectrum, given the reliance on Section 8 vouchers. These tenants will have their rent subsidized up to the FMR level, meaning they will pay a portion of their income towards rent, typically no more than 40% of their adjusted income. The scarcity of vouchers in this area might make it challenging to find eligible tenants quickly, but those who do qualify will likely be reliable and financially stable due to the voucher program's requirements.
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.