Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $780 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,120 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,580 |
| 5 Bedrooms | $1,833 |
| 6 Bedrooms | $2,053 |
| 7 Bedrooms | $2,217 |
| 8 Bedrooms | $2,328 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 62819 presents an interesting scenario for both renters and landlords. The median income for households in this area stands at $45,341, which contrasts sharply with the market rate rent of $1,089 per month as reported by the Census Bureau's American Community Survey (ACS).
To put this into perspective, let's consider the financial strain on a household earning the median income. If we assume that a household spends no more than 30% of their income on housing, which is a common benchmark, they would have a budget of approximately $1,133 per month for rent. However, the actual market rate of $1,089 is just below this threshold, leaving very little room for other expenses.
Now, comparing this to the Section 8 voucher payment standard, which is set at $1,020 per month (Fair Market Rent or FMR for metro FY 2026), it becomes evident that there is a significant affordability gap. This means that while some renters might find the market rate challenging to meet, those with vouchers could easily cover the cost without exceeding their budget.
Given that 22.5% of the population are renters and the total population is 247, the competition among landlords for tenants who can pay the market rate is likely to be moderate. However, the attractiveness of voucher holders to landlords cannot be understated due to the guaranteed payment and reduced risk of non-payment.
The takeaway for landlords considering their strategy in ZIP 62819 is clear: accepting Section 8 vouchers can be a financially sound decision. While cash-paying tenants might offer slightly higher rents, the security and stability provided by voucher payments make them a valuable option. Landlords should weigh the benefits of each type of tenant based on their own financial goals and risk tolerance.
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.