Location: Crawford County, IL | Metro: Crawford County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $800 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,360 |
| 4 Bedrooms | $1,640 |
| 5 Bedrooms | $1,902 |
| 6 Bedrooms | $2,130 |
| 7 Bedrooms | $2,300 |
| 8 Bedrooms | $2,415 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 62464 presents a unique set of challenges and opportunities for landlords and small-portfolio investors. Given the median household income of $60,625, it is critical to evaluate whether renters can afford the market rate, which is currently listed as N/A. However, with the Fair Market Rent (FMR) for the metro area in fiscal year 2026 set at $970, we can infer some key points regarding affordability.
Despite the lack of specific market rate data, the FMR serves as a benchmark for assessing the financial feasibility of renting in this area. The FMR is typically aligned with the housing costs that are reasonable for low-income families, making it an important reference point when considering the use of Section 8 vouchers.
The ZIP code has a very low percentage of renters at just 0.0%, with only 81 people recorded as part of the population. This suggests that the rental market is highly constrained, likely due to the limited number of rental units available. The scarcity of rental properties can lead to intense competition among landlords who are looking to attract tenants, especially those relying on Section 8 vouchers.
Given the median income and the FMR, the affordability gap is significant. Households earning the median income would be expected to pay much less than the FMR out-of-pocket, highlighting the importance of Section 8 vouchers in enabling affordable housing options. For landlords, this means that while there may be fewer overall renters, those who do rent are likely to be heavily reliant on government assistance programs such as Section 8.
The takeaway for landlords is clear: focusing on Section 8 voucher acceptance can be a strategic move to fill vacancies in a market where the number of potential cash-paying tenants is extremely limited. By accepting vouchers, landlords can tap into a pool of renters who have the financial backing of the government to meet their monthly rental obligations at a rate that is both stable and reflective of the local housing market conditions.
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.