Location: Wayne County, IL | Metro: Jefferson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $710 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,130 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
A household in ZIP code 62814, with a median income of $59,462, faces a significant challenge in affording the market rate rent of $1,031. This market rate represents a substantial portion of their income, making it difficult for many renters to secure housing without financial strain.
In comparison, the Federal Market Rent (FMR) standard for voucher payments in the metro area for fiscal year 2026 is set at $920. This lower rate is much more manageable for renters, especially those relying on housing vouchers to find affordable living spaces. It means that voucher recipients can afford a wider range of housing options compared to those paying market rates.
The ZIP code has a rental population of 20.7%, which translates to approximately 345 households out of the total 1,668 population. Given the affordability gap between market rate and voucher-supported rents, landlords may face increased competition from properties willing to accept vouchers, particularly if they aim to attract tenants who cannot afford the $1,031 market rate.
The takeaway for landlords considering their strategy between accepting vouchers versus cash-paying tenants is clear. While the $920 voucher payment is lower than the market rate, it ensures a steady and reliable income stream. Landlords should weigh the benefits of reduced vacancy risk against the potential for higher rents from cash-paying tenants. Accepting vouchers can be a strategic move to cater to a larger segment of the rental market, especially in light of the economic challenges faced by many households in 62814.
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.