Section 8 Fair Market Rent (FMR) for ZIP 62545 - 2027

Location: Christian County, IL | Metro: Springfield, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$770
1 Bedroom	$880
2 Bedrooms	$1,100
3 Bedrooms	$1,450
4 Bedrooms	$1,560
5 Bedrooms	$1,810
6 Bedrooms	$2,027
7 Bedrooms	$2,189
8 Bedrooms	$2,298

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,101

Median Household Income

$84,815

Housing Units

484

Renter Percentage

5.8%

Occupancy Rate

96.7%

Renter Occupied

The ZIP code 62545, located in Southern Illinois, offers a stable real estate market with a mix of rental and homeownership opportunities. The area is characterized by its affordability and relatively low cost of living compared to urban centers, making it attractive for both tenants and investors.

The Fair Market Rent (FMR) for ZIP 62545 in fiscal year 2024 is set at $950. This figure represents the benchmark for rental pricing in the area, ensuring that landlords can charge rates that align with government standards for housing affordability.
The average market rent for properties in ZIP 62545 is currently $958, according to the latest data from the U.S. Census Bureau's American Community Survey. This slight premium above the FMR indicates a healthy local demand for rentals.
The median home value in the area stands at $213,390, reflecting a moderate cost for homeownership that is accessible to many residents given the local income levels.
Renters make up 5.8% of the population in ZIP 62545, suggesting a smaller but steady rental market with room for growth.
The median household income in the area is $84,815, which supports the ability of residents to afford both rent and mortgage payments, contributing to a reliable tenant base and potential homebuyers.

In summary, ZIP 62545 presents a balanced real estate investment opportunity. With rental prices closely aligned to the FMR and a modest median home value, the area offers stability for both rental and sales markets. The slightly higher market rent compared to the FMR signals positive demand, while the median income provides assurance of financial reliability among residents. Although the renter share is relatively small, the overall economic conditions suggest a solid foundation for property investments.

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.