Location: Morgan County, IL | Metro: Morgan County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $760 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
U.S. Census Bureau data (2024)
63125 landlords in ZIP 62631 should note that the median income is $63,125, which is crucial for understanding the financial capacity of potential tenants. 111817 the median home value stands at $111,817, indicating a relatively stable housing market. 2.0% however, only 2.0% of residents are renters, suggesting a lower demand for rental properties compared to other areas. 1050 FMR for the metro area in fiscal year 2026 is set at $1,050, which is the maximum amount a landlord can charge for a Section 8 voucher holder. N/A while there's no specific data on market rent or days on market (DOM), the low percentage of renters implies that rental properties might struggle to attract tenants. N/A% similarly, the lack of information on the percentage of price-cut share suggests that there isn't significant competition among landlords, but this also means less flexibility in pricing strategies. 1050 given the FMR, landlords must ensure their properties meet the required standards to qualify for Section 8 vouchers. 63125 considering the median income, it's likely that many residents would need assistance to afford even the FMR rate, making Section 8 an important option for both tenants and landlords.
1050 in conclusion, landlords in ZIP 62631 should focus on maintaining properties at or below the $1,050 FMR to attract Section 8 tenants, as the local economy and low renter share indicate a reliance on subsidized housing. 2.0% despite the small percentage of renters, the importance of Section 8 cannot be overstated, offering a steady stream of tenants for those willing to comply with program requirements.
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.