Location: Effingham 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 | $760 |
| 1 Bedroom | $790 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $790 | $161,031 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 62473 encompasses a small community with a total population of 1,264. The area has a relatively low percentage of renters at 19.0%, indicating that it is predominantly a homeownership-focused neighborhood. The median household income here is strong at $74,700, suggesting residents have the financial stability to support various living expenses. The median home value in the region stands at $156,706, reflecting an affordable housing market.
Moving into the economic analysis of rental properties, the Fair Market Rent (FMR) for the metro area for fiscal year 2026 is set at $920. This figure is notably higher than the current market rent of $629, as reported by the Census American Community Survey (ACS). This discrepancy presents an opportunity for landlords and small-portfolio investors who can capitalize on the potential for increased rents in line with the FMR.
Given these metrics, ZIP 62473 is well-suited for both hands-off voucher operators and hands-on value-add buyers. For those looking to operate with minimal effort, the gap between FMR and market rent allows for a buffer when dealing with Section 8 vouchers, which typically cover the market rate. Meanwhile, for investors willing to put in the work to renovate and improve properties, there's a chance to command closer to the FMR, thereby increasing their rental income significantly above the current market rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.