Location: Morgan County, IL | Metro: Macoupin County, IL HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $750 |
| 1 Bedroom | $880 |
| 2 Bedrooms | $1,090 |
| 3 Bedrooms | $1,450 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
12.4% of the population in ZIP code 62692 are renters, indicating a modest demand for rental properties. The Fair Market Rent (FMR) for the area, as determined by the zip FY 2024 data, is set at $880. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher holder's portion of the rent. In comparison, the average market rent, according to the Census ACS, stands at $773, suggesting that landlords participating in the Section 8 program could see a slight premium over the general market rates. The median home value in the area is $109,238, which is relatively low and could imply a lower barrier to entry for both landlords and tenants looking to enter the housing market.
$66,143 is the median income for residents of ZIP 62692, a figure that landlords should consider when assessing the financial stability of potential tenants. While the median income is not exceptionally high, it does align with the affordability of the median home value and the market rents, making it a feasible area for investment. However, the lack of data on days on market (DOM) and the percentage of price-cut shares indicates a scarcity of recent sales data, which could be a concern for investors looking to gauge the liquidity and pricing trends of the local real estate market.
The Section 8 program provides a stable source of income for landlords, given the government's role in ensuring timely payments. Despite the modest renter share and median income, the gap between the FMR and market rent suggests a potential for slightly higher returns compared to the broader market. The relatively low median home value also implies that the cost of acquisition for rental properties might be manageable, especially for small-portfolio investors. However, the absence of detailed sales data makes it challenging to assess the overall health and dynamics of the real estate market in ZIP 62692.
Based on the available data, the Section 8 program remains a viable option for landlords in ZIP 62692, offering a steady stream of income with limited risk of vacancy.
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.