Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,230 |
| 4 Bedrooms | $1,320 |
| 5 Bedrooms | $1,531 |
| 6 Bedrooms | $1,715 |
| 7 Bedrooms | $1,852 |
| 8 Bedrooms | $1,945 |
U.S. Census Bureau data (2024)
The ZIP code 62822 is characterized by a significant rental population, with 27.5% of the 2,581 residents being renters. This indicates that there is a notable demand for rental properties within the area, which can be further supported by the presence of Section 8 housing vouchers. The median household income stands at $47,770, which is a key figure when evaluating the potential success of Section 8 tenants in the market.
The average market rent in this area is $725 per month. Given the median household income, this means that the typical rent consumes approximately 19.4% of the local income. This percentage is calculated by taking the monthly rent ($725) and dividing it by the annual median income ($47,770), then multiplying by 12 months to find the proportion of yearly income dedicated to rent. This relatively low percentage suggests that there is a strong likelihood of successful Section 8 tenancy in this ZIP code.
Comparing the market rent to the Fair Market Rent (FMR) of $920, as determined by the U.S. Department of Housing and Urban Development for fiscal year 2026, the current market rent in ZIP 62822 is below the FMR. This implies that landlords in this area could potentially receive higher rents through Section 8 vouchers, which would cover up to the FMR amount, thereby increasing their revenue compared to the standard market rate.
A landlord in ZIP 62822 should expect tenants who rely on Section 8 vouchers to have a significant portion of their housing costs subsidized. These tenants will likely be families or individuals with lower incomes, making up a substantial part of the local demographic. Landlords should prepare for tenants whose total income aligns closely with the median household income of $47,770, ensuring they understand the financial landscape and the support mechanisms available to these tenants through government assistance programs.
In summary, ZIP 62822 presents itself as an area with a solid rental base and a favorable environment for landlords accepting Section 8 vouchers. With market rents consuming less than 20% of the median income, and the possibility of receiving rents closer to the FMR, landlords can expect stable tenancy from a population that is financially supported to meet their housing needs.
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.