Section 8 Fair Market Rent (FMR) for ZIP 62655 - 2027
Location: Mason County, IL | Metro: Mason County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,290 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$56,750
When considering whether to invest in ZIP code 62655 for Section 8 properties, follow this decision tree based on the available data.
Step 1: Can you clear debt service with the Fair Market Rent (FMR) of $920?
- No: The FMR of $920 does not cover the necessary debt service for properties in this area. Do not proceed with purchasing in ZIP 62655 for Section 8 purposes.
- Yes: Proceed to the next step.
Step 2: How does the market rent of $718 compare to the FMR?
- Market rent is below FMR: At $718, the market rent is lower than the FMR of $920. This suggests that Section 8 tenants can afford the rent, making it a viable option if other criteria are met.
- Market rent is equal to or above FMR: Not applicable in this case since the market rent is below the FMR.
Step 3: Is there sufficient rental demand?
- Yes: With 16.7% of residents being renters and the average days on market (DOM) being N/A, there is a moderate level of rental demand. However, the exact DOM figure is required to make a definitive decision. If DOM is low, indicating quick property turnover, then the answer is yes, there is enough demand.
- No: If the DOM is high, suggesting slow property turnover, then even with the 16.7% of renters, the demand is insufficient for a successful Section 8 investment.
- It depends: If the DOM is neither particularly high nor low, then the decision hinges on other factors such as vacancy rates, tenant quality, and competition from non-Section 8 rentals.
In conclusion, for ZIP 62655, the viability of a Section 8 investment hinges on the ability to cover debt service with the FMR of $920 and the specific days on market figure to assess rental demand. If these conditions are favorable, then the investment is worth considering.
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.