Location: Wayne County, IL | Metro: Hamilton County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $690 |
| 1 Bedroom | $850 |
| 2 Bedrooms | $990 |
| 3 Bedrooms | $1,370 |
| 4 Bedrooms | $1,430 |
| 5 Bedrooms | $1,659 |
| 6 Bedrooms | $1,858 |
| 7 Bedrooms | $2,007 |
| 8 Bedrooms | $2,107 |
U.S. Census Bureau data (2024)
The ZIP code 62828 presents several challenges for landlords considering Section 8 investments. Firstly, tenant turnover is likely to be higher due to the significant gap between the market rent of $431 and the Fair Market Rent (FMR) of $920 for fiscal year 2026, which reflects the metro area's standards. This disparity can lead to tenants seeking better rental terms, increasing the likelihood of frequent moves.
Vacancy exposure is another concern, as the days on market (DOM) is listed as N/A, indicating that there might be insufficient data to gauge how quickly properties can be rented out. This uncertainty poses a risk, especially if vacancies persist longer than expected, leading to reduced cash flow.
Deferred maintenance is also a notable risk. The typical home value is listed as N/A, but the median income of $70,583 suggests that residents might have limited funds available for extensive property improvements. This could result in higher maintenance costs for landlords, who would need to ensure that properties meet the necessary standards for Section 8 tenancy.
Despite these risks, the high renter share of 19.3% in ZIP 62828 indicates a robust demand for rental housing, including those supported by vouchers. A large number of renters typically translates into a greater pool of potential Section 8 tenants, thereby reducing the risk of prolonged vacancies.
In conclusion, the combination of high tenant turnover and uncertain vacancy rates, coupled with the possibility of increased maintenance costs, makes ZIP 62828 a moderate risk for a first-time Section 8 landlord. However, the strong renter base offers some mitigation against these risks.
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.