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

Location: Logan County, IL | Metro: Springfield, IL MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$750
1 Bedroom	$880
2 Bedrooms	$1,090
3 Bedrooms	$1,450
4 Bedrooms	$1,520
5 Bedrooms	$1,763
6 Bedrooms	$1,975
7 Bedrooms	$2,133
8 Bedrooms	$2,240

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

485

Median Household Income

$89,167

Housing Units

265

Renter Percentage

23.6%

Occupancy Rate

78.5%

Renter Occupied

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.