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 |
The ZIP code 62776 in Unknown, Illinois, presents an interesting challenge for landlords and small-portfolio investors due to the lack of specific population and rental statistics. However, we can still analyze the potential for Section 8 tenants based on the available data.
With the median household income unspecified, it's difficult to draw precise conclusions about the economic profile of the area. Nevertheless, the Fair Market Rent (FMR) for the ZIP code is set at $1070 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for a rental property under the Section 8 program.
To understand the depth of voucher demand, consider the percentage of renters and the typical market rent. Without exact numbers, it's essential to look at broader trends. If the area has a high percentage of renters, it likely indicates a strong demand for rental properties and potentially a robust pool of Section 8 tenants. Conversely, if homeownership dominates, the number of voucher holders might be lower, leading to less demand for subsidized housing.
Assuming a scenario where the typical market rent is around $1000, let's examine how this compares to the median income. If the median household income were, for example, $40,000 annually, then the monthly income would be approximately $3333. In this case, the market rent would consume roughly 30% of the average monthly income. This percentage is significant but generally considered manageable for households participating in the Section 8 program.
A landlord in ZIP 62776 should expect a tenant profile that aligns closely with the eligibility criteria for Section 8. These tenants will typically have low to moderate incomes, possibly including families with children, seniors, and individuals with disabilities. They will rely on government assistance to cover a portion of their rent, making the FMR a critical benchmark for setting rental rates.
To conclude, while the specific details regarding the percentage of renters and median income are unavailable, the FMR of $1070 provides a solid reference point for landlords. The ZIP code appears to support a mix of rental and owner-occupied homes, suggesting a potential market for both standard and Section 8 rentals. Landlords should prepare for tenants who are financially dependent on voucher programs to maintain their housing stability.
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.