Location: Cass County, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $790 |
| 1 Bedroom | $900 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,500 |
| 4 Bedrooms | $1,590 |
| 5 Bedrooms | $1,844 |
| 6 Bedrooms | $2,065 |
| 7 Bedrooms | $2,230 |
| 8 Bedrooms | $2,342 |
U.S. Census Bureau data (2024)
970 is the Fair Market Rent (FMR) for ZIP code 62675 as of fiscal year 2024, indicating the maximum amount a Section 8 tenant can be charged for rent. 909 is the actual market rent reported by the Census Bureau's American Community Survey, showing a slightly lower average rent compared to the FMR. 216,522 represents the median home value in this area, which provides insight into the overall property values and potential resale market conditions. 24.3% is the percentage of renters in the area, suggesting a moderate demand for rental properties. 84,267 is the median income figure for the ZIP code, a critical statistic for determining the financial stability of potential tenants. While the days on market (DOM) data is not available, it is important to note that this metric would typically help gauge the speed at which properties are rented out. 0.2% is the price-cut share, indicating a very low rate of landlords needing to reduce their asking prices to attract tenants, which speaks to the strength of the local rental market.
The gap between the FMR at 970 and the market rent at 909 suggests landlords could potentially set rents slightly above the market average but still remain within the allowable limits for Section 8 participants. The median home value at 216,522 is relatively stable, implying that property investments in this area are likely to hold their value well over time. With 24.3% of the population being renters, there is a consistent pool of potential tenants, though it is not overwhelmingly high. The median income at 84,267 is a key factor in assessing the ability of residents to afford higher rents, especially those participating in the Section 8 program.
The low price-cut share at 0.2% further reinforces the idea that the rental market in ZIP 62675 is robust and that landlords are unlikely to face significant challenges in renting out their properties. This combination of factors makes ZIP 62675 an attractive market for landlords and small-portfolio investors interested in Section 8 participation. However, the final decision should also consider other local economic indicators and the specific needs of individual investors.
Verdict: ZIP 62675 presents a favorable environment for Section 8 landlords with stable property values, moderate renter demand, and a strong local economy.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.