Location: Washington County, IL | Metro: Jefferson County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $700 |
| 1 Bedroom | $840 |
| 2 Bedrooms | $980 |
| 3 Bedrooms | $1,260 |
| 4 Bedrooms | $1,440 |
| 5 Bedrooms | $1,670 |
| 6 Bedrooms | $1,870 |
| 7 Bedrooms | $2,020 |
| 8 Bedrooms | $2,121 |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 62831, located in Washington County, IL metro, reveals a unique set of conditions for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for the area is set at $980 per month for fiscal year 2026, which will be the benchmark for voucher tenants' rental payments.
Unfortunately, the market rent data for ZIP 62831 is currently unavailable, making it difficult to directly compare the HUD FMR against typical rental rates in the area. However, based on the median home value of $144,321, we can infer some key insights into the rent-to-price ratio. This ratio suggests that the cost of renting a property in the area is likely to be lower relative to the cost of buying, which could make owning property more attractive to potential tenants who might otherwise prefer to buy.
Without specific market rent data, it's challenging to definitively state whether voucher tenants will cashflow at the FMR rate, marginally, or only with premium units. However, given the relatively low median home value, it is reasonable to assume that properties priced at or below the FMR are likely to cashflow, assuming they are well-maintained and competitively positioned in the local market.
The lack of data regarding the median days on market (DOM) and the percentage of price cuts indicates that the market is either stable or lacks sufficient transaction volume to provide meaningful statistics. This absence of volatility supports the notion that stability is a strong angle for investors in this area.
In conclusion, the strongest investor angle in ZIP 62831 appears to be stability, given the low likelihood of significant fluctuations in the housing market and the assurance of consistent rental income from voucher tenants at the HUD FMR rate of $980 per month.
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.