Location: Scott County, IL | Metro: Morgan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $740 |
| 2 Bedrooms | $970 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The ZIP code 62621 is primarily a homeowner-dominated area with only 22.2% of residents being renters. This indicates that the demand for rental properties, particularly those accepting Section 8 vouchers, is relatively low compared to areas with higher percentages of renters. The median household income in this ZIP code stands at $82,500, which is notably above the market rent of $704 for the area.
To understand the financial dynamics better, let's look at how the typical rent compares to the local income. At $704, the average market rent consumes approximately 8.5% of the median household income. This is a favorable ratio, suggesting that most tenants can afford rent without needing assistance, and those who do may find it challenging to secure Section 8 vouchers due to lower demand and possibly fewer available units.
Furthermore, the Fair Market Rent (FMR) for the metro area is set at $960 for FY 2026, which is significantly higher than the actual market rent in ZIP 62621. This discrepancy suggests that while the area might be affordable for many, it could also mean that landlords may not fully utilize the FMR to justify higher rents, given the local economic conditions and the homeownership trend.
In terms of tenant profiles, landlords in ZIP 62621 should anticipate a mix of tenants, but predominantly those who are financially stable and capable of paying rent without subsidy. Given the homeowner-dominated nature of the area, there will likely be fewer tenants relying on Section 8 vouchers. Landlords should prepare for a tenant pool that values affordability and stability, with a strong preference for homes over apartments, reflecting the broader community trend.
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.