Location: Shelby County, IL | Metro: Shelby County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $810 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,160 |
| 3 Bedrooms | $1,380 |
| 4 Bedrooms | $1,720 |
| 5 Bedrooms | $1,995 |
| 6 Bedrooms | $2,234 |
| 7 Bedrooms | $2,413 |
| 8 Bedrooms | $2,534 |
U.S. Census Bureau data (2024)
ZIP code 62465, located in Strasburg, Illinois, is part of Shelby County and stands out due to its unique demographic and economic characteristics. With a population of 806 residents, only 8.6% rent their homes, indicating a predominantly owner-occupied community. The median household income in this area is $84,286, which is higher than the national average, suggesting a relatively affluent neighborhood. Additionally, the median home value in ZIP 62465 is $179,170, reflecting the modest yet comfortable living conditions typical of the region.
Moving to the specifics of Section 8 housing, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $1,130. However, the actual market rent, based on Census American Community Survey (ACS) data, is slightly lower at $1,027. This discrepancy between the FMR and the market rent could present an opportunity for landlords willing to participate in the Section 8 program, as it allows them to potentially charge slightly above market rates while still remaining within the government guidelines.
The data signature for ZIP 62465 reads as stable. With a high median income and a modest median home value, the area is likely to experience steady demand for both rental and owner-occupied housing. The low percentage of renters also indicates that the local economy supports homeownership, reducing the likelihood of sudden shifts towards a more rental-focused market. For small-portfolio investors, this stability suggests a reliable environment for long-term investment, especially if they are considering properties that could be eligible for Section 8 vouchers.
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.