Location: Morgan County, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $890 |
| 1 Bedroom | $1,010 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,690 |
| 4 Bedrooms | $1,790 |
| 5 Bedrooms | $2,076 |
| 6 Bedrooms | $2,325 |
| 7 Bedrooms | $2,511 |
| 8 Bedrooms | $2,637 |
U.S. Census Bureau data (2024)
The ZIP code 62677 is situated in a predominantly homeowner-friendly neighborhood with a total population of 2,149. Only 7.9% of residents are renters, indicating a community where homeownership is highly valued. The median income in this area stands at $102,917, reflecting a relatively affluent environment. The median home value is $245,291, which further underscores the financial stability of the residents.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 62677 as of the fiscal year 2024 is set at $820. This figure contrasts sharply with the market rent reported by the Census ACS, which is $1,037. This disparity suggests that landlords participating in the Section 8 program might face challenges in covering their expenses given the lower FMR compared to the actual market rates.
Considering these factors, ZIP 62677 is likely to be a better fit for a hands-on value-add buyer rather than a hands-off voucher operator. The limited number of renters and the gap between FMR and market rent indicate that landlords must actively manage properties to ensure profitability. A hands-on approach would allow investors to maximize the potential of their investments through strategic management practices, such as maintaining high occupancy rates and ensuring cost-effective operations.
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.