Location: Franklin County, IL | Metro: Franklin County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $660 |
| 1 Bedroom | $720 |
| 2 Bedrooms | $940 |
| 3 Bedrooms | $1,240 |
| 4 Bedrooms | $1,340 |
| 5 Bedrooms | $1,554 |
| 6 Bedrooms | $1,740 |
| 7 Bedrooms | $1,879 |
| 8 Bedrooms | $1,973 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 62825 is set at $920 per month for the fiscal year 2026. This figure represents the maximum amount that a landlord can charge for a Section 8 rental in this area, based on the Housing Choice Voucher program administered by the U.S. Department of Housing and Urban Development (HUD). It's important to note that this is not the rent you would receive directly from the tenant; rather, it's the payment standard HUD uses to determine the subsidy amount.
In ZIP 62825, the local market rent for similar units is currently listed as N/A. However, the FMR is a critical benchmark for landlords participating in Section 8 because it caps the rent they can charge. The FMR is designed to ensure affordable housing options while also providing a fair rate for landlords.
The renter share of the population in this area is 11.2%, indicating a moderate level of demand for rental properties. While the exact local market rent is unavailable, the 11.2% figure suggests that there is a reasonable number of potential tenants who might be interested in renting through the Section 8 program.
When it comes to acquiring a property for Section 8, the cost of the property is denoted as N/A. This means that without specific data on recent sales or appraisals, it's difficult to provide an accurate estimate of the acquisition cost. However, it's essential to consider that Section 8 properties must meet certain standards and undergo regular inspections, which can affect both the initial purchase price and ongoing maintenance costs.
Before committing to a Section 8 rental in ZIP 62825, verify that your property meets all the required housing quality standards. These standards include safety, health, and habitability criteria, ensuring that your unit is fit for occupancy. Meeting these standards is crucial for maintaining eligibility in the program and avoiding penalties.
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.