Location: Christian County, IL | Metro: Decatur, IL MSA
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 | $910 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,310 |
| 3 Bedrooms | $1,560 |
| 4 Bedrooms | $1,970 |
| 5 Bedrooms | $2,285 |
| 6 Bedrooms | $2,559 |
| 7 Bedrooms | $2,764 |
| 8 Bedrooms | $2,902 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,560 | $174,142 | 0.9% | C |
U.S. Census Bureau data (2024)
The ZIP code 62547 stands out due to its unique blend of low population density and relatively high median home values. With only 574 residents, it is one of the least populated areas in the county. Despite this, 8.4% of the residents rent their homes, indicating a modest but present rental market. The median income for residents in ZIP 62547 is $59,750, which is slightly below the national average, while the median home value sits at a robust $138,065.
In terms of Section 8 housing economics, the Fair Market Rent (FMR) for ZIP 62547 in fiscal year 2024 is set at $1,080. This is notably lower than the market rent, which is reported at $1,154 according to the latest Census American Community Survey (ACS) data. Landlords who accept Section 8 vouchers can expect to receive a payment that is approximately $74 less per month than the current market rate, which could be a deciding factor for those considering participation in the program.
The data signature for ZIP 62547 reads as stable. The slight difference between the FMR and the market rent suggests that there is a manageable gap between the two, making it feasible for landlords to accept vouchers without significant financial strain. Moreover, the consistent median home value indicates that the real estate market in this area has remained steady, providing a reliable environment for investment. However, the relatively low population and modest rental percentage also suggest that the market is limited, and landlords should carefully consider the potential demand before investing in rental properties.
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.