Location: Wayne County, IL | Metro: Clay County, IL
| Unit Size | Monthly FMR |
|---|---|
| Studio | $650 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $930 |
| 3 Bedrooms | $1,170 |
| 4 Bedrooms | $1,390 |
| 5 Bedrooms | $1,612 |
| 6 Bedrooms | $1,805 |
| 7 Bedrooms | $1,949 |
| 8 Bedrooms | $2,046 |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 62839 is centered around the significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2026, the FMR is set at $920, while the Census ACS reports the average market rent at $745. This represents a $175 difference, or a 23.4% premium that landlords can potentially capture through Section 8 vouchers.
In this scenario, where the FMR exceeds the market rent, landlords should consider voucher tenants as a strategic yield play. The higher FMR rate allows landlords to receive a payment closer to the $920 mark, which is above what they would typically earn from open-market renters paying an average of $745. This makes Section 8 vouchers particularly attractive in ZIP 62839, as they provide a way to increase rental income without the need to raise rents to levels that might deter other tenants.
To anchor this analysis, it's important to look at the broader context. In ZIP 62839, renters make up 19.2% of the total housing units. The median home value stands at $100,640, indicating a relatively stable housing market. Additionally, the median household income is $53,685, suggesting that many residents may rely on assistance programs like Section 8 to afford housing. Given these conditions, landlords who accept Section 8 vouchers can benefit from a guaranteed rent payment that is higher than the prevailing market rate, thus improving their cash flow and property yields.
However, there are considerations when accepting voucher tenants. Landlords must ensure that their properties meet HUD standards and be prepared to undergo inspections. They also need to understand that the administrative process can sometimes be cumbersome, involving paperwork and compliance checks. Despite these challenges, the financial upside of receiving higher rent payments through Section 8 vouchers outweighs the costs in ZIP 62839, making it a favorable option for landlords and small-portfolio investors looking to maximize their returns.
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.