Location: Montgomery County, IL | Metro: Christian County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,110 |
| 4 Bedrooms | $1,310 |
| 5 Bedrooms | $1,520 |
| 6 Bedrooms | $1,702 |
| 7 Bedrooms | $1,838 |
| 8 Bedrooms | $1,930 |
U.S. Census Bureau data (2024)
The ZIP code 62538 presents a mixed landscape for both renters and landlords. The median household income stands at $85,563, which when compared to the market rate rent of $759 (as per Census ACS data), suggests that most households can afford the average rent. However, the financial picture becomes more complex when considering the voucher payment standard, which is set at $920 (FMR for metro FY 2026).
This indicates that renters relying on vouchers might struggle to find housing within the ZIP code, as the market rate is significantly lower than the voucher payment standard. Given that only 24.8% of the 342 residents are renters, landlords face a relatively smaller pool of potential tenants, especially those who can pay the higher voucher rates.
The affordability gap between market rates and voucher standards means that landlords must carefully consider their rental strategies. Landlords who accept vouchers will be able to offer slightly above-market rents but will need to navigate the administrative requirements and timelines associated with the voucher program. Those opting for cash-paying tenants may find a larger pool of renters willing to pay the going market rate but will have to compete on price and property quality.
In conclusion, for landlords in ZIP 62538, the decision to accept vouchers versus relying on cash-paying tenants should be informed by the local rental dynamics. Accepting vouchers can provide a steady stream of income at higher rates but requires compliance with additional regulations. Opting for cash-paying tenants may involve attracting a larger share of the smaller renting population through competitive pricing and property enhancements.
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.