Location: Morgan County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
U.S. Census Bureau data (2024)
The ZIP code 62667 stands out in several ways that are critical for real estate analysts and investors. With only 569 residents, it has a very small population base, making it unique compared to larger, more densely populated areas. Despite this, 11.9% of the residents rent their homes, which is a significant portion considering the overall size of the community. The median income in ZIP 62667 is reported at $63,088, indicating a middle-class area where residents have moderate purchasing power. However, the median home value is listed as N/A, suggesting that there may be limited data available on home values, possibly due to the low number of homeowners or sales transactions.
Moving into the specifics of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 62667 in fiscal year 2024 is set at $810. This figure is notably higher than the market rent average of $688, as reported by the Census Bureau's American Community Survey (ACS). The discrepancy between these two figures presents an opportunity for landlords who can accommodate Section 8 tenants. By accepting vouchers, landlords can secure rental incomes above the local market rate, thereby increasing their profitability. Additionally, the higher FMR can help cover any potential maintenance costs or other expenses associated with managing rental properties in this ZIP code.
The data signature for ZIP 62667 reads as stable rather than transitional. The relatively high percentage of renters in a small community suggests a steady demand for rental housing. While the median income figure provides some insight into the economic status of the residents, the lack of a median home value figure points to a lower level of home ownership activity. For small-portfolio investors, this stability means that there is less risk associated with sudden shifts in the local real estate market. However, the opportunity lies in leveraging the higher FMR for Section 8 vouchers to maximize returns on rental investments.
In summary, ZIP 62667 offers a niche market for landlords willing to accept Section 8 vouchers. The higher FMR compared to the market rent can provide a financial advantage, especially in a small but stable community with a significant rental presence. Investors should focus on the long-term stability of the area while capitalizing on the economic benefits offered by the Section 8 program.
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.