Section 8 Fair Market Rent (FMR) for ZIP 62460 - 2027

Location: Wabash County, IL | Metro: Lawrence County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$650
1 Bedroom	$710
2 Bedrooms	$930
3 Bedrooms	$1,150
4 Bedrooms	$1,220
5 Bedrooms	$1,415
6 Bedrooms	$1,585
7 Bedrooms	$1,712
8 Bedrooms	$1,798

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,202

Median Household Income

$66,620

Housing Units

408

Renter Percentage

10.3%

Occupancy Rate

83.1%

Renter Occupied

The ZIP code 62460, located in Southern Illinois, offers a stable real estate market with opportunities for both landlords and small-portfolio investors. The area is characterized by modest growth and a steady demand for rental properties.

The Fair Market Rent (FMR) for ZIP 62460 is set at $920 for the fiscal year 2026, according to the U.S. Department of Housing and Urban Development (HUD).
The average market rent in the area is slightly higher at $950, based on data from the Census Bureau's American Community Survey (ACS).
The median home value in ZIP 62460 is not available, indicating that the area may be predominantly rental-focused rather than owner-occupied.
Renters make up 10.3% of the housing market, suggesting a smaller but consistent pool of tenants.
The median income for residents is $66,620, providing insight into the financial stability of potential renters.

The combination of a defined Fair Market Rent and a slightly higher market rent indicates a healthy rental market where landlords can expect to charge competitive rates. The lack of median home value data supports the notion that this area is more suited for rental investments than purchasing homes for resale. With a median income of $66,620, there is a solid economic base to support rental payments. However, the relatively low renter share of 10.3% suggests that competition for tenants might be moderate, requiring landlords to maintain quality properties to attract and retain renters. Overall, ZIP 62460 presents a balanced opportunity for those interested in the rental market, with potential for steady returns if managed effectively.

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.