Location: Wayne County, IL | Metro: Wayne County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $710 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,150 |
| 4 Bedrooms | $1,550 |
| 5 Bedrooms | $1,798 |
| 6 Bedrooms | $2,014 |
| 7 Bedrooms | $2,175 |
| 8 Bedrooms | $2,284 |
U.S. Census Bureau data (2024)
The ZIP code 62823, located in Alexander County, Illinois, stands out due to its unique demographic and economic characteristics. With a population of 1,823 residents, only 21.0% rent their homes, indicating a predominantly owner-occupied community. The median income here is $59,310, which is relatively modest compared to the national average, but the median home value is quite robust at $137,671. This suggests that homeownership is accessible to many residents despite the lower income levels.
When it comes to the economics of Section 8 vouchers in ZIP 62823, the Federal Market Rent (FMR) for the fiscal year 2026 is set at $920. However, the current market rent, according to the Census Bureau's American Community Survey (ACS), is significantly lower at $669. This gap between the FMR and actual market rent means that landlords who accept Section 8 vouchers in this area can expect to receive rental assistance payments that exceed the typical market rate. As such, the potential for positive cash flow exists for landlords willing to participate in the program, even if they must adhere to the voucher limits.
The data signature for ZIP 62823 reads as stable. Despite the modest median income, the low percentage of renters and high median home value suggest a community where homeownership is the primary housing choice. This stability is further reinforced by the discrepancy between the FMR and market rent, which provides a financial incentive for landlords to accept Section 8 vouchers without the risk of losing potential higher-paying tenants to the voucher system. For small-portfolio investors considering properties in this ZIP code, the opportunity to benefit from higher-than-market rental assistance payments while serving a stable community could be a compelling reason to explore Section 8 participation.
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.