Location: Shelby County, IL | Metro: Effingham County, IL
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $880 |
| 1 Bedroom | $920 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,430 |
| 4 Bedrooms | $1,670 |
| 5 Bedrooms | $1,937 |
| 6 Bedrooms | $2,169 |
| 7 Bedrooms | $2,343 |
| 8 Bedrooms | $2,460 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $920 | $222,751 | 0.41% | F |
U.S. Census Bureau data (2024)
ZIP code 62461, located within the Shelby County, IL metro area, presents an interesting mix of characteristics that position it distinctly among other ZIP codes in the county. The Fair Market Rent (FMR) for the area is set at $940 for fiscal year 2026, which is notably higher than the average market rent of $850. This indicates that the government's assessment of rental costs is slightly above what the market currently supports, potentially suggesting an upward trend in rental prices.
The median home value in ZIP 62461 stands at $220,102, which is likely to be representative of the broader Shelby County market. However, the renter share of 17.3% is a key figure that diverges from the typical pattern seen in many ZIP codes. In general, areas with a lower home value but a higher renter share can indicate a concentration of affordable housing options that appeal to renters, including those who might rely on Section 8 vouchers. This combination could signal a sweet spot for landlords and investors looking to cater to the needs of tenants who benefit from government assistance programs.
Given the data, ZIP 62461 can be considered a mid-tier neighborhood within its metro area. It is not the most expensive sub-market, as evidenced by the relatively moderate home values and FMRs. At the same time, it is not a value pocket, as the FMR exceeds the current market rent, indicating some level of price adjustment may be necessary for landlords to remain competitive.
A noteworthy aspect is the potential alignment between the higher FMR and the significant renter share. Landlords and investors should take advantage of this scenario where the government's support for rental costs is above the current market rates, especially if there is a substantial tenant base eligible for Section 8 assistance. This ZIP code offers a balance between manageable property acquisition costs and the opportunity to secure stable rental income through government-subsidized programs.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.