Location: Springfield, IL | Metro: Springfield, IL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $860 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,240 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
To profile ZIP code 62706 as a potential market for Section 8 tenants, we must first establish the baseline characteristics of the area. The population data is currently unavailable, as are the specific percentages of renters versus homeowners and the median household income. However, the lack of detailed demographic information does not preclude an analysis based on the available data.
The Fair Market Rent (FMR) for ZIP 62706, as set by HUD for FY 2024, is $1070. This figure serves as a benchmark for assessing the suitability of the area for landlords looking to attract Section 8 tenants. Given that Section 8 vouchers are designed to assist low-income families, it's crucial to understand how the FMR compares to the local income levels.
Although the median household income is not specified, it's essential to consider the proportion of income that would typically be allocated to rent. In areas where median income is significantly lower than the FMR, the percentage of income consumed by rent increases, making it harder for residents to afford housing without assistance. Conversely, if the median income comfortably exceeds the FMR, the area might attract fewer voucher holders.
In ZIP 62706, landlords should expect a tenant profile that closely aligns with the Section 8 program's eligibility criteria. Tenants will likely have a household income below 50% of the area median income, necessitating rental assistance to secure housing. The depth of voucher demand can be inferred from the percentage of renters in the area; higher percentages suggest a larger pool of potential Section 8 tenants.
To conclude, while the exact percentage of renters and median income is unknown, the FMR of $1070 indicates that landlords in ZIP 62706 should prepare for a tenant base that heavily relies on rental assistance. This reliance suggests a strong presence of low-income households, which could translate into a robust demand for Section 8 vouchers. Landlords should thus anticipate tenants who require financial aid to cover their rent, ensuring that their properties meet the necessary standards for participation in the Section 8 program.
Data Sources: FMR data from HUD (2027).
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.