Section 8 Fair Market Rent (FMR) for ZIP 62663 - 2027
Location: Scott County, IL | Metro: Scott County, IL
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$81,875
When considering whether to invest in ZIP code 62663 for Section 8 properties, follow this decision tree based on the provided data:
- Does the FMR of $920 (for the metro area in fiscal year 2026) cover the debt service on a property?
- If the answer is yes, proceed to the next question.
- If the answer is no, do not purchase a property here for Section 8 purposes, as the income would not sufficiently cover the expenses.
- Is the market rent of $700 (as per Census ACS data) above, at, or below the FMR?
- If the market rent is below the FMR, then there is potential for positive cash flow when renting to Section 8 tenants.
- If the market rent is equal to or above the FMR, consider other factors before making a decision, as the positive cash flow benefit is diminished.
- Are 7.4% of residents renters and is the days on market (DOM) sufficient to meet demand?
- If the DOM is low enough to ensure that rental units can be filled quickly, and if the percentage of renters is acceptable, then there is likely enough demand to support Section 8 investments.
- If the DOM is high, indicating difficulty in filling units, or if the percentage of renters is too low, then demand may not be strong enough to support these investments.
A final decision will depend on the answers to these questions. If the FMR covers debt service, market rent is below FMR, and demand is sufficient, then the answer is yes, you should consider buying in ZIP 62663 for Section 8. If any of these conditions are not met, the answer shifts to no or it depends, requiring further analysis.
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.