Section 8 Fair Market Rent (FMR) for ZIP 62477 - 2027

Location: Clark County, IL | Metro: Clark County, IL

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,060
1 Bedroom	$1,160
2 Bedrooms	$1,520
3 Bedrooms	$1,810
4 Bedrooms	$2,200
5 Bedrooms	$2,552
6 Bedrooms	$2,858
7 Bedrooms	$3,087
8 Bedrooms	$3,241

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

526

Median Household Income

$88,646

Housing Units

302

Renter Percentage

12.2%

Occupancy Rate

67.9%

Renter Occupied

The ZIP code 62477, located in Southern Illinois, offers a unique blend of rural charm and suburban convenience, with easy access to amenities and services that make it attractive to both homeowners and renters. The area is characterized by its stable economy and a growing interest in affordable housing options.

Fair Market Rent: The Fair Market Rent (FMR) for ZIP 62477 is set at $1,510 for the fiscal year 2026, providing a benchmark for rental pricing in the region.
Renter Share: With 12.2% of residents being renters, there is a significant but not overwhelming demand for rental properties, suggesting a balanced market.
Median Income: The median household income in the area stands at $88,646, indicating a relatively affluent community that can support higher-end rental offerings.
Market Rent Data: Specific data on market rents is currently unavailable, which means investors must rely on local real estate agents and the FMR for guidance on setting competitive rental rates.
Median Home Value: The median home value is not available, making it challenging to assess the potential for property appreciation in the area. However, the overall economic stability suggests a favorable environment for long-term investments.
Days on Market (DOM): Information on the average days a property remains on the market before being rented is also not available, but this data could be crucial for understanding the speed at which rental units turn over.

Investors considering the ZIP 62477 market should focus on positioning their rental units competitively around the $1,510 FMR mark. Given the 12.2% renter share, there is a steady demand for rental properties, especially those that cater to the area's median income level of $88,646. While specific market rent and median home value data are lacking, the overall economic health of the region supports the idea that well-managed rental properties will likely perform well. Additionally, securing accurate DOM data would provide valuable insights into the rental market dynamics, helping landlords optimize their investment strategies.

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.