Location: Richland County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The ZIP code 62448, located in Richland County, IL metro, can serve as a cash-flow anchor within a Section 8 portfolio strategy. The Federal Market Rent (FMR) for the area is set at $920 for fiscal year 2026, which is significantly higher than the current market rent of $778. This creates a spread that benefits landlords participating in the Section 8 program, as they receive a guaranteed rental income above the local market rate.
The median home value in ZIP 62448 is $155,348, indicating an affordable housing market where properties are relatively inexpensive compared to other areas. Landlords can acquire homes at lower purchase prices while still earning rental income based on the higher FMR rates. This makes ZIP 62448 an attractive option for generating steady cash flow, especially when considering the long-term stability provided by government-backed leases.
The 17.7% renter share suggests a moderate demand for rentals, but the median income of $74,179 supports the viability of Section 8 tenants who are likely to be reliable and capable of fulfilling their lease obligations. Given these factors, ZIP 62448 stands out as a cash-flow anchor due to the favorable spread between FMR and market rent, coupled with the affordability of property acquisition.
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.