Location: Crawford County, IL | Metro: Crawford County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
U.S. Census Bureau data (2024)
The median income in ZIP code 62454 stands at $74,679, according to Census ACS data. At the current market rate of $877 for rent, households in this area face a significant challenge in affording housing without financial strain. This figure represents approximately 12% of the median annual income, which is a substantial portion when considering other living expenses.
Comparatively, the Fair Market Rent (FMR) set at $970 for metro areas in fiscal year 2026, as per HUD standards, is slightly higher than the market rate but still within reach for many households. However, it's important to note that this FMR is used as a benchmark for voucher payments, meaning landlords who accept vouchers might receive a closer approximation to the FMR rather than the market rate.
With only 19.2% of the 10,477 population being renters, the competition among landlords is relatively low. This suggests that landlords have an opportunity to attract tenants with a mix of pricing and amenities, catering both to those who rely on vouchers and those who prefer to pay out-of-pocket.
The affordability gap highlights a scenario where some renters may struggle to meet market rates, making them more likely to seek properties that accept Section 8 vouchers. For landlords, this means that accepting vouchers could be a strategic move to fill vacancies and ensure steady rental income, albeit at a slightly lower rate than the market average.
Landlords should consider the benefits of accepting vouchers, such as guaranteed payments and a steady stream of tenants, especially given the limited number of renters in the area. While cash-paying tenants might offer higher rents, the risk of vacancy periods and the potential for lower turnover rates with voucher holders can make the latter a viable option. The decision ultimately hinges on balancing immediate revenue needs with long-term occupancy stability.
In summary, the median income and market rent suggest a challenging environment for renters, with the FMR offering a slight reprieve. Given the low percentage of renters, landlords have room to strategize their tenant acquisition methods, leaning towards voucher acceptance to mitigate vacancy risks and secure stable income.
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.