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 Fair Market Rent (FMR) for ZIP code 62837 in the metro area for fiscal year 2026 is set at $920. This figure represents the maximum amount that a landlord can receive from the Housing Choice Voucher program, commonly known as Section 8, for a given unit. It's important to note that this is not the rent you should charge your tenants; it's the payment standard for vouchers.
In comparison, the average rent for ZIP 62837, based on recent Census American Community Survey (ACS) data, stands at $603. This suggests that while the FMR is higher than the typical rent, landlords participating in Section 8 will be guaranteed a more stable income through government subsidies, rather than relying solely on market rates.
The demand for rental properties in this area is substantial, with 23.2% of residents being renters. This indicates a significant portion of the population that might be interested in Section 8 housing, ensuring a steady pool of potential tenants. However, the acquisition cost of properties in ZIP 62837 is relatively high, averaging around $104,146. This means that while there is demand, landlords need to ensure that their investment aligns with the long-term financial benefits of renting to Section 8 participants.
Before deciding to participate in Section 8 with a property in ZIP 62837, verify that your property meets all the necessary standards for habitability and safety. The Housing Authority will conduct an inspection to ensure compliance with these requirements, which are essential for maintaining eligibility in the program.
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.