Location: Christian County, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
U.S. Census Bureau data (2024)
The ZIP code 62563 is situated in a suburban neighborhood characterized by a relatively small population of 5,766 residents. This area is predominantly owned rather than rented, with only 5.9% of households being tenants. The median income here is notably high at $117,255, indicating a community where residents generally have strong financial stability. Reflecting this economic strength, the median home value in the area is also impressively high at $289,545.
When it comes to rental economics, the Federal Market Rent (FMR) for ZIP 62563 in fiscal year 2024 is set at $1,350. In contrast, the market rent as per the Census American Community Survey is slightly higher at $1,391. This suggests that while there is a small premium in market rent over the FMR, the difference is minimal and likely won't significantly impact the cash flow for landlords participating in the Section 8 program.
Given these figures, ZIP 62563 would be well-suited for a hands-off voucher operator. The low percentage of renters and the high median income indicate a stable tenant base that is less likely to face financial hardships. Moreover, the slight disparity between the FMR and market rent means that landlords can expect steady, predictable returns without needing to actively manage their properties to maximize income. However, for a hands-on value-add buyer looking to increase property values through renovations or other improvements, this area might present limited opportunities due to its already high median home value and the small margin between FMR and market rent.
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.