Section 8 Fair Market Rent (FMR) for ZIP 62666 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 62666

• Menard County Housing Authority (Petersburg, IL) - 1,027 Section 8 vouchers
• Logan County Housing Authority (Lincoln, IL) - 62 Section 8 vouchers

The area covered by ZIP code 62666 is situated in Southern Illinois, offering a blend of rural charm and small-town community living. This region is characterized by its stable economic environment and a significant portion of renters who rely on affordable housing options.

• Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 62666 for fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can charge under the Section 8 program, ensuring affordability for low-income tenants.
• The market rent for a typical two-bedroom apartment in the area is currently $740 according to Census ACS data. This indicates that landlords participating in the Section 8 program can potentially command higher rents compared to the general market, though they must adhere to the FMR guidelines.
• The median income in ZIP 62666 is $89,167. While this is a strong indicator of the financial health of the local population, it also highlights the need for affordable housing solutions, which Section 8 helps provide.
• Renters make up 23.6% of the total housing units in ZIP 62666. This suggests a moderate demand for rental properties, with a notable segment of the population likely seeking subsidized housing options.
• The median home value is not available for ZIP 62666. This could be due to a lack of sufficient data points or a predominantly rental-focused market.
• The Days on Market (DOM) is not applicable for ZIP 62666. This typically means that the data does not reflect the time properties spend on the market, possibly due to a high proportion of rental listings rather than sales.

For landlords and small-portfolio investors, ZIP 62666 presents a balanced opportunity. The Fair Market Rent being above the average market rent allows for a competitive edge when participating in the Section 8 program. With a median income of $89,167, there is a solid foundation of financial stability among residents, which supports the viability of rental investments. Given the 23.6% renter share, there is a substantial market for both regular and subsidized rentals. However, the absence of median home values and DOM figures suggests a focus on rental properties over sales, which should be considered when formulating investment strategies.

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.